Race towards digitisation: Ecobank stops processing manual/paper RTGS

  • Ecobank says the move is driven by the quest to mitigate errors and increase branch efficiency
  • Customers urged to register on electronic and digital channels by 31 December 2019
  • Online banking gaining traction in the presence of persisting cash shortages

Ecobank Zimbabwe limited has announced that with effect from 2 January 2020, its branches will no longer be processing manual or paper RTGS and Internal funds transfer requests.

Ecobank joins a band wagon of other banks who have taken a similar route among them CBZ Bank, NMB, ZB and Steward Bank.

In a notice to customers, the Bank said the move to phase out manual or paper based transactions is driven by the quest to mitigate errors and increase branch efficiency, thus resulting in better customer experience.

“Customers are therefore encouraged to use electronic and digital channels such as Ecobank Omni, Ecobank Omni Lite, Ecobank online and Ecobank Mobile App,” the Bank said.

“To avoid any inconveniences, customers are urged to ensure that they have registered on these electronic and digital channels by 31 December 2019.”

Globally, banks are going through a rapid digitisation drive as response to growing demand for online and mobile banking and the arrival of a host of digital-only banks trying to steal their customers with slick apps and cut-price fees.

In Zimbabwe, migration towards digital banking platforms gained traction as a response to the persisting cash shortages which has seen a large chunk of transactions handled electronically.

Equity Axis News

Raynold Mhotseka

For contacts email rayjnr.mhotseka@gmail.com or raynoldm@equityaxis.net

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