ZImbabwean Agribank confirms that it will invest US$5 million for its Information Communication Technology (ICT) upgrade as it eyes further growth driven by digital banking channels.
Chief executive Mr Sam Malaba said the bank has been aggressively investing in technology based self-delivery products and services.
“The bank will continue investing in ICT systems to embrace the technological change, as customers want to transact 24/7, accessing banking and financial services at their convenience.
“The bank will embark on an upgrade of its core banking system. The bank is already focusing on ICT upgrade first concentrating on the database and core system upgrade and then later on additional functionality.”
Agribank says the upgrade programme has already boosted its market share of the total industry transactions, during the first half of the year.
“As a result of the investment there has been exponential growth of 1000 percent in e-channels transaction volumes since January 2017.”
In light of this, the banking institution is targeting to deploy 7 000 point of sale machines by December. Already, 3 303 merchant POS machines were distributed during the six months to June 30, 2017.
There has been an increase in electronic transactions following cash shortages that started early last year, resulting in the Reserve Bank of Zimbabwe pushing for use of plastic money.
