NMBZ to launch low cost ac­count

Chronicle (Zimbabwe) - - Business - Harare Bu­reau

NMB Bank Zim­babwe is set to launch a low cost bank ac­count, NMBlite, with no monthly bank charges, as part of its drive to make bank­ing ac­ces­si­ble to ev­ery­one.

A Zim­switch-en­abled NMB Ac­cess debit card is­sued to NMBlite ac­count hold­ers can be used to draw money from Au­to­mated Teller Ma­chines (atm).

It can also be used at NMB or Zim­switch branded point of sale ter­mi­nals in su­per­mar­kets and other out­lets to pay for goods and ser­vices.

There is no monthly bank charge. The charge for with­drawals, whether at ATMs or in NMB bank­ing halls, is 50 cents. There is no min­i­mum bank bal­ance re­quire­ment. An NMBlite ac­count can be opened with a five dol­lar deposit, na­tional iden­tity card (or driver’s li­cence or pass­port), proof of res­i­dence and two pass­port-sized pho­to­graphs.

NMBlite ac­count hold­ers will have ac­cess to in­ter­net and mo­bile bank­ing ser­vices. Th­ese can be used to trans­fer money and to pay util­ity bills and mak­ing other pay­ments such as DSTV sub­scrip­tions and buy­ing air­time.

Ac­count hold­ers will also have ac­cess to in­sur­ance prod­ucts which are un­der­writ­ten by Old Mu­tual In­sur­ance Com­pany. The bank’s clients can also ap­ply for a Visa card, which can be used in­ter­na­tion­ally and lo­cally, when­ever the need arises.

NMBlite cus­tomers can draw up to $200 cash per day at ATMs. The $200 limit is due to the cur­rent cash short­ages. When the coun­try’s cash sit­u­a­tion is nor­malised the limit will be $500.

NMB Bank head of re­tail bank­ing Givens Ha­padziwi said the bank hoped that open­ing an NMBlite ac­count would be the be­gin­ning of a re­la­tion­ship be­tween the bank and the ac­count holder.

“We see the ac­count as an as­pi­ra­tional ac­count. We want to help clients com­ing in at the lower end grow with the bank un­til they are able to ac­cess all our ser­vices,” he said.

“Visi­tors to the Harare Agri­cul­tural Show that runs from 22 to 27 Au­gust will have the op­por­tu­nity to open NMBlite ac­counts from the NMB stand in the Nel­son Man­dela Hall. They only have to deposit five dol­lars” he said.

“We will have a cam­era for the pur­poses of tak­ing pass­port pho­to­graphs and a pho­to­copier for mak­ing copies of nec­es­sary client doc­u­men­ta­tion,” Mr Ha­padziwi said. “If visi­tors to our stand do not have the proof of res­i­dence, this can be pro­duced at a later stage,” he added.

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.