Zimbabwe’s current liquidity challenges have largely impacted on the financial services sector as banks are failing to access adequate cash to disburse to their customers. Ordinarily, banks would not run smoothly in a cashless society due to the overwhelming demand for withdrawals and the story of banks since the beginning of this liquidity crunch has been about survival. So tough is the situation that the battle for survival is now driven by individual banks’ adaptability to new innovations designed to serve consumers in the digital era.
One such bank which is achieving excellence under the most difficult operating environment is CBZ Bank, surprisingly a government owned institution.
With the emergence of mobile money platforms and many other digital payment methods, banks though slow to adapt have also joined the fray maximizing on the popular applications such as CBZ Touch, Steward Bank Square and many other introduced to bring convenience to customers.
CBZ Touch, which is by any standard the leading mobile banking application being used both in the formal and informal sectors is anchored on instant transactions. The app allows users to perform ZPIT, RTGS, Buy Airtime and Pay Bills in the comfort of their home.
CBZ Touch – Zimbabwe’s popular mobile banking app
The beauty about the CBZ Touch is its reliability when executing transactions. Unlike other banking apps, CBZ’s app has no glitches and it gives users instant SMS confirmations of the status of their transaction. Further, it has email activated notifications where you can receive PDFs with References IDs of each and every transaction made. This actually makes it easier for customers to track their financial history.
CBZ Bank also has a robust online banking system which allows customers to perform Internet transactions over the bank’s website. The online banking systems works well for corporates when executing their day to day payments.
Playing its part in spearheading Zimbabwe’s total financial inclusion target, CBZ has the SmartCash Account which does not require one to provide hard documents like proof of residency and payslip. One simply needs to walk into any of CBZ’s over 60 branches with an ID, an opening deposit of at least US$$5 and within 5 minutes you will have an account that is linked to your mobile number and a CBZ SmartCash debit card.
The SmartCash Account has been a game changer in the informal sector, allowing diversified traders to be able to bank their savings and also access banking privileges which include getting Debit Cards to swipe in supermarkets and other retail outlets.
CBZ has is now a leading force in the digital banking sector through the bank’s satisfactory response to the demands of the Internet generation. It has managed to lure all generations to entrust their financial needs into a bank which fighting to achieve excellence in an economy which has been facing turbulent economic meltdowns since 2005.
