Zimbabwean financial institution FBC Holdings has identified electronic services as an area that it will continue to push as challenges continue to affect the local financial services sector.
FinX reports that at the FBC Holdings annual general meeting John Mushayavanhu, the FBC Group CEO highlighted how the financial services group had invested in e-distribution channels and the adoption of practices focused on e-commerce.
These have now become convenient as a cash crisis in Zimbabwe continues to affect financial service delivery. The bank recorded rapid growth, particularly in mobile and online transactions.
In the past year, FBC Bank introduced an electronic system for third party insurance and its subsidiaries FBC Re and Eagle Insurance have integrated with the platform.
It has also been pushing services like internet banking, SMS banking (the FBC “ZIPIT” service is called FBC Mobile Moola), mobile app banking services, and POS transactions.
According to Mushayavanhu, FBC has increased the number of POS (Point of Sale) terminals and has raised awareness of every other service acting as a cash alternative.
FBC Group has also invested over $1 million in compliance-related technology as a way of ensuring that it maintains correspondent banking relationships.
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