NMB Bank’s virtual bank a game-changer





NMB Bank has launched a virtual branch on their digital platforms, enabling customers to carry out all cash transactions online, including paperless multi-currency cash deposits and withdrawals, Dstv and Zimra cash payments, in a move set to transform the country’s banking landscape.

The enhanced NMBConnect platform, also allows anyone to instantly open a full KYC current account or NMBLite account through a self-service portal.

The bank also introduced an automated loan application on their platforms with loan proceeds credited into the beneficiary account without the need to visit the bank.

Furthermore, NMBLite accounts can be upgraded to a current or savings account, all online.

The virtual branch is accessed through the NMBConnect mobile app, the NMBConnect online website and the *241# short code.

By using the virtual branch, customers can keep safe, carrying out their banking transactions from the comfort of their home or from anywhere else.

The only transaction that requires a visit to a physical branch is the collection or delivery of the actual cash withdrawn or deposited through the virtual branch.

The teller at a physical branch is simply presented with the transaction reference code that was displayed when the digital transaction was done and sent to the customer’s registered phone. No paperwork or form filling is required.

A customer has an option to send a third party to collect or deposit the cash and all they simply do is put the identification details of the third party.

Even better, a customer in Harare can withdraw from any branch even out of Harare and get the third party to collect the cash from that branch.

It could be in Bindura, Masvingo, Mutare, Gweru, Chinhoyi or even Bulawayo. This service is doubling as a local remittance.

The same banking convenience applies to DSTV payments, using the NMBConnect DSTV payment option for the transaction and using the reference code received to deposit the cash with the teller and get instant connection.

Bank accounts that can be opened through the virtual branch are US$ or local currency current accounts, NMBLite accounts, savings accounts, tobacco farmers’ current accounts, civil servants current accounts and SME sole trader current accounts.

The *241# short code can be used to open an NMBLite or tobacco account, while the NMBConnect app can be downloaded to open an ordinary current account.

Once the account has been opened, the customer can self-register for NMBConnect and EcoCash online.

The establishment of NMBConnect as a digital bank is part of the bank’s push to go paperless and offer customers unparalleled convenience by allowing them to manage their own accounts digitally without having to set foot in a physical branch. – Herald