NMBZ to launch low cost account
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.