Barclays Bank Zimbabwe (BBZ) will inject $10 million to change its digital system. Last year Malawian company, FMB Capital Holdings acquired a majority stake of 42.7 in BBZ. Accordingly, the digital system currently used by BBZ belongs to the UK Barclays Plc (previous owners of BBZ). As such BBZ will use the $10 million to migrate and integrate its digital systems to suit FMB Capital. Speaking at the bank’s annual general meeting, outgoing chairman Anthony Mandiwanza said;
This business is going through a transition period, especially an IT migration programme and that programme will require approximately $10 million to fully implement. The platform that we were using belongs to Barclays Plc and the group has now left Zimbabwe.
FMB Capital’s majority stake will see BBZ rebranding in October to Barclays&FMB as part of the agreement between FMB and UK Barclays Plc. The dual brand will run for the next two years paving way for UK Barclays Bank Plc to completely exit Zimbabwe.
The migration of BBZ’s digital systems has coincided with a time when many banks are migrating to paperless banking. One can predict that when BBZ (by which time it will be rebranded) digital systems are changed, it may join other banks in paperless banking.