HARARE: Ecobank Zimbabwe has grown its branch network to 15 from four since 2011 and will leverage on technology and partnerships to roll out its electronic banking products and services.
Ecobank Zimbabwe managing director Daniel Sackey said last week that the bank’s — a unit of Togo-headquartered Ecobank Transnational Incorporated — use of technology would ensure customers have access to their accounts.
“Our focus from now on is to build upon this strategy by leveraging on technology and partnerships to roll out electronic banking products and services that are convenient and allow you 24/7 access to your accounts,” Sackey said at the launch of its Visa and MasterCard branded international cards on Friday.
Sackey said Visa and MasterCard are the leading card brands in the world with the key thing being to try and transfer the spending patterns of their clients from cash to cards.
“What we are trying to do is to transfer your spending patterns from cash onto plastic cards. Ecobank has signed a global agreement with these two [Visa and MasterCard] allowing us to rollout the product in each of the countries where Ecobank is present,” Sackey said. “This agreement was signed earlier this year and this launch is for Zimbabwe, as other countries have launched already.”
The bank also launched the Ecobank Premier Debit Card, Ecobank Advantage Card, Ecobank Classic Visa Debit Card and Ecobank Direct Banking Card to cater for its different customer segments. The development of the cards is part of the bank’s strategy of offering premium levels of customer service amid confidence of the bank in the Zimbabwean market.
Clients will be able to use these cards at any of their branches locally and internationally, with Visa card holders having access to 2,1 million ATMs while MasterCard holders will have access to one million across the globe.
Sackey said Ecobank Zimbabwe had a solid capital position and currently sits on $44 million. He said the bank will meet the Reserve Bank of Zimbabwe’s prescribed minimum capital threshold of $100 million by 2020. In the half year ended June 30, Ecobank Zimbabwe’s profit before tax was at $3,3 million against the prior year of $3,5 million.
