Harare – State owned agriculture development bank, AGRIBANK says it is implementing a comprehensive program to upgrade the ICT core banking system for enhanced delivery channels and service delivery targeted for completion by year end.

In the recent past, the stability of ICT systems has become critical for the survival of banks in the current environment with high volume and low value electronic transactions taking the lead against cash transactions.

Monetary transactions in the Zimbabwean economy are now dominated by electronic payment systems with more than 96 percent of local transactions now being conducted through plastic, internet and mobile money.

While the use of electronic forms of payment came as a result of cash shortages, it puts the country ahead of other countries across the globe that are working towards achieving a cashless society.

Presenting the 2018 Monetary Policy Statement (MPS) in February, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya, said the central bank was encouraged by the quantum leap in the usage of electronic and mobile banking systems by the country’s banking public.

According to the central bank, mobile payments were phenomenal in 2017 constituting the bulk of payment streams in volume terms. Out of the more than 1 billion transactions, 754 million were conducted through mobile.

Presenting financial results for FY18 in the capital on Tuesday, Chief executive Sam Malaba said the bank will be migrating to the latest software in a bid to enhance operational efficiencies.

“The Bank will be migrating to the latest T24 versions, that is Temenos R18, which uses modern Arrangement Architecture.

“The 2^nd phase of the project involves implementation of new additional modules such as IFRS 9, Insight for management information system, Internet Banking, Anti-Money Laundering, Document Imaging and Loans Origination,” he said.

Malaba said the bank has made significant inroads in leveraging technology to enhance operational efficiency, lower service costs and deliver customer convenience and experience.

“The use of ICT channels such as mobile and internet banking and other e-banking platforms such as Point of Sales (POS), have become paramount. In order to increase our global footprint in the payments market, Agribank is in the process of introducing the prepaid MasterCard and also Visa.”

Additionally, he said the Bank is also in strategic alliances with international remittance institutions such as Western Union and Mukuru.

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