Harare – Barclays Bank of Zimbabwe Limited which is taking a route to rebrand in line with its new control structure said it is comitting relentless effort and focus on serving the Bank’s customers and clients having lined up a number of initiatives to enhance customer experience.
In a report accompanying its interims financials Managing Director Samuel Matsekete said the Bank is determined to continue serving customers so that they achieve their best. In the half year period the Bank introduced new products and enhanced existing ones.
Matsekete said Commercial Asset Financing (CAF) for Commercial and Business Banking clients was reintroduced. “CAF now offers the Bank’s customers with flexible forms of medium term borrowings through product options that include leases. Small to Medium Size businesses that build a sound track record with the Bank now stand to access a flexible bridging finance product offering.
“Within the Retail business, the Bank recently introduced a Diaspora offering, designed to provide savings and transactional services to Zimbabweans living outside the country. The Bank is encouraged by the response it has received on this offering in the major source markets.
Matsekete also said information technology development projects underway are firmly on course and the e-channels which will further enhance customer experience once launched.
“The penetration rate on existing e-channels continued to increase. The Bank’s local 24 hour contact centre established at the turn of this year has proven to be a key service utility for the Bank’s customers and a source of insights to be leveraged for the development and deployment of new solutions.
“The refurbishment of existing infrastructure remains a key priority. Planned refurbishment work on some of the Bank’s outlets is on course,” he said.
Commenting on the transition program of the Bank’s co–rebranding, incorporating the FMB brand, Matsekete said the program is on track.
“The Bank is clear about the significant opportunities presented by the transition it is going through. Whilst continuing to build on the strong heritage and reputation built over the 106 years the bank has operated in the Zimbabwean market, the current transition is a unique opportunity to reconfigure the business to be more responsive to customer needs that are unique to the local environment.
“The Bank is pursuing efforts to offer a wider range of products, paving the way for deeper reach within targeted customer segments.
“The presence of FMB capital Holdings PLC entities in four other markets in Southern Africa allows the Bank the opportunity to partner customers and clients with presence or trade relations in those markets,” he said.
He added that $37 million worth of new lines of credit and trading limits were established during the period under review and more similar arrangements are being pursued.
“Offshore facilities established with Barclays Group entities for the benefit of the Bank’s clients continue to be sustained.
“Both Barclays Bank PLC and FMB capital PLC continue to support the Bank to ensure a smooth transition. In terms of a Transitional Trade Mark Licence agreement signed with Barclays Bank PLC, the Bank will also evolve its brand over the period to October 2020.”
Over the next 2 years, the bank will retain the Barclays brand while adding to it the FMB brand in a managed transition intended to stabilise the bank and cushion any unforeseen shocks that may accrue in the process of transition.
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