gtag('config', 'UA-12595121-1'); NMBZ intensifies customer reach through agency banking – The Zimbabwe Mail

NMBZ intensifies customer reach through agency banking

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FINANCIAL services provider, NMBZ is taking advantage of agency banking to intensify customer reach nationwide.

In a recent update, NMBZ chief executive officer Gerald Gore said the Retail bank continues to focus on increasing channels through which customers can access banking services.

The financier’s partnership with ZimPost and other agencies continues to provide convenience to customers while assisting us in meeting our financial inclusion goals.

“Our customers can access NMBZ services in over 120 ZimPost branches and all this is done digitally via our Agency banking Portal. All our agencies are riding on the same technology platforms as our branches and offering fast and convenient ways of banking,” he said.

The NMBZ reopened the Kwekwe branch in February 2023 with a brand new digital feel to augment its presence in the Midlands province.

“The Bancassurance unit launched the Gadziriro funeral cover on the 1st of April 2023 under our multiple agency licenses as we provide more insurance options for our customers.

“Under the same thrust, the Bank is working on various new products and product enhancements which will be launched in the second half of the year,” said Gore.

In the period ended June 2023, the bank recorded 2 837% growth in income was also driven by foreign exchange gains on United States dollar (US$) denominated net monetary assets.

Last year, total comprehensive income amounted to ZWL$8 billion.

Operating costs increased by 147% compared to the previous period.

The group achieved an operating income of ZWL$283 billion, up 444% on the prior period driven by a significant increase in interest income and continued growth in fees and commission income.

A measured approach to risk was persistently taken as evidenced by the strong asset quality with a non-performing loan ratio of 0,57% compared to 1,09% as at December 31, 2022.

The main subsidiary, NMB Bank Limited remains well capitalised with a total capital adequacy ratio of 27,79%. Risk weighted assets stood at ZWL$1,2 trillion, up 675% from December 2022 levels.