BancABC makes inroads into civil service market
AS COVID-19 continues to ravage the country, BancEasy Zimbabwe, the microfinance subsidiary of BancABC, has unveiled a new digital product for civil servants, in another giant step in the Pan African financial powerhouse’s aggressive digital transformation.
The microfinance unit offers salary and product-based loans to individuals.
With the launch of digital loans, civil servants will now be able to apply for loans on their mobile phone in a few minutes, streamlining a process that previously had a 24 to 48hour turnaround time.
“We are pleased to have reached this digitalisation milestone which we expect to increase convenience for the hundreds of civil servants we service,” the bank said in a statement.
“These loans are an addition to the current list of BancEasy loans such as payday and school fees loans. We are also looking forward to offering our nano loans product to all Zimbabweans in the near future,” the bank said.
BancEasy has also unveiled a website to provide customers with information on its product range and useful financial tools such as a live loan calculator that assists a borrower in calculating monthly repayments.
BancABC chief executive officer, Lance Mambondiani said: “The ABC Holdings Zimbabwe group is continuing with its drive to rapidly digitalise its products and services to increase convenience to our customers.
“The launch of the digital civil servant loans by BancEasy is an example of our commitment to reduce friction in the way customers interact with our services.
“The digital loan application process will increase convenience to civil servants who previously had to travel to our branches to initiate this process.”
He said several digital platforms had been launched in the past year in Zimbabwe subsidiaries.
These include internet banking,
WhatsApp banking and the A360 Mobile App launched under BancABC.
“Under the ABC Stockbrokers unit, services were added to the C-Trade platform which allows ordinary people to buy shares online.
“Our objective as a group is to provide universal access to financial services for the convenience of each and every Zimbabwean,” Mambondiani said.
BancEasy, is a registered microfinance institution which was incorporated in 2012 and is part of the ABC Zimbabwe Holdings Group.