POSB joins banks’ race for digitilisation

HARARE- POSB said it has completed a business process reengineering exercise which lays foundation for the future of the bank.

The process reengineering exercise will see the state owned lender position itself as a digital bank in response to the shifting customer preferences. the bank acknowledges that this target model requires an end to end transformation of information technology and digital channels.

POSB joins other local banks in the move towards total transformation into digital banks. Digital banks anchor service delivery through only banking where services are delivered over the internet.

This shift from traditional banking to digital banking in Zimbabwe has been gradual and remains ongoing. Various banks are at different levels of digitilisation, with MNO linked bank Steward bank seemingly taking a lead in the movement, notably on the innovation aspect.

Other banks such as FBC and CBZ are building strong platforms which have seen their customer base grow the last 3 years augured by the drive towards KYC-lite accounts. Consequently income from non interest line, has gone up across the banking sector.

Elsewhere the bank reported that its capital position now sits at $70 million which is $30 million shy of the targeted 2020, $100 million capitalisation levels.

Government of Zimbabwe, which is the sole shareholder has taken a move to partially privatise the bank as part of its reform agenda. Another state owned lender Agribank, will also be partially privatised and has been given the green light to solicit a technical partner.

EQUITY AXIS NEWS

Respect Gwenzi

Respect is the Lead Analyst and Managing Director at Equity Axis. He has 8 years experience in respective fields of finance and media. Particular areas of expertise include Asset Management, Stockbroking and Financial Media. Respect is on a mission to change the course of Financial Media in Africa through digitalization

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