ZANACO Bank Plc will this year roll out Zanaco express service to 123 Zampost locations countrywide, a development that will allow new bank customers in rural areas to access its services through the Xapit account.
In April this year, Zanaco signed an agreement with Zampost, a facility allowing both the bank and postal services customers to access banking products in Zampost locations countrywide.
In an interview, Zanaco managing director Martyn Schouten said customers can deposit and withdraw cash, transfer cash to different Xapit accounts and use Xapit cards at Zampost offices.
“Simple banking but very important because people can go to many Zampost locations and do their banking services within hours rather than several days as is the case sometimes,” he said.
Mr Schouten said Zanaco presently has 57 branches and agencies making it have the biggest branch network in the country.
He said by the end of the year, the bank will have 180 locations and both Zampost and Zanaco customers can use Xapit accounts.
He said the move will enable the bank to be present in 67 out of the 74 districts in Zambia with seven remaining to be covered.
“Zanaco intends to work with agents and large merchants in those seven remaining districts and have agreements similar to that of Zampost. “It’s our intention that by the end of 2011, every district in Zambia will have a full Zanaco express service available,” he said
Mr Schouten said it is the government policy and Zanaco’s intent to reach out and bank the unbanked to pull people into the financial service.
He said reaching out to the unbanked areas is very important for Zanaco as it will enable people to start saving and pay their bills safely using the Xapit accounts.
He said Zanaco’s client data base service is about 500,000 individuals, large corporations and small and medium entrepreneurs.
“Xapit account is such a popular product, we do have incredible demand for it with more than 500 customers per day signing up for the account. We are very pleased to have them on board, they start as customers with small balances and every often move to other Zanaco products,” he said.
Mr Schouten said the bank has strong focus on agriculture industry with 20 to 30 percent of loan portfolio targeted to both small and large farmers.
He said the Rabo Bank, Zanaco’s strategic partner, is known globally for supporting the agriculture sector.
He said the bank wants to use the expertise from Rabo to support Zambia’s agriculture sector.
[Zambia Daily Mail]
The Zampost boss must be very dull. Surely why not open your own Postal Bank like its done in other countries? U are killing your swift cash services. What does government consider before appointing some of these people who head parastatals.
#1 Nope to your suggestion. There will in fact be competition between the two which will lead to better services
#2 it seems you dont understand business. You cant invite your competitor to come and do business in your house. To simplify my explaination, you cant expect Airtel to allow MTN or CELL Z to trade at their premises. If Zampost had openned up their own Postal Bank it would have provided competition to the Banks and lead to improvement of services. own Postal Bank it would have provided competition to the Banks and lead to improvement of services.
Good use of space in places where there is not enough infrastructure. However, this is not good investment. ZANACO ought to add to the buildings in Zambia by building new ones. Furthermore, what happens or what guarantees do ZANACO have in the event that Zampost closes down or is sold for various reasons which may arise?
It is okay short term, but not good for long term business.
#4 Gundix; This is just a start. ZANACO can only build new facilities in theses locations if the customer density or numbers prove to be reasonable enough to justify stand alone facilities. Market Research 101. Simples.
The post office used to offer savings accounts in the past.Are they still doing so? This is good for rural people as they too need a choice in their banking needs.Can someon tell me if banks are still needing a reference to open an account? Like you are looking for a job when they are the ones who need to increase their market share.
I stay in Kalabo and every time i try to withdraw money using my Xapit, there is no money. Tell me what is the purpose of having this partnership if the benefits are not there? It is a complete waste of time for me until i can withdraw money using my Xapit, otherwise i will just close my account! I thought with RABO bank coming into partnership with ZANACO services would improve?
Comment:aways when i go to chelston ATM to withdraw money ,i always find the ATM out of order. What is the use of having many ATMs but not working .