NMBZ Urges Forex Stability Sustenance For Economic Growth

RBZ Governor John Mangudya

LISTED premium financial services provider, National Merchant Bank of Zimbabwe (NMBZ) has urged authorities to continue implementing efforts aimed at sustaining the prevailing exchange rate stability in order to bolster long term economic growth.

The bank’s company secretary, Shumirai Pashapa made the remarks while presenting the NMBZ trading update for the first quarter ended March 31 2021.

She hailed monetary authorities for putting in place measures that have seen the economy remaining relatively conducive following the stability of the exchange rates in the second half of 2020 after the introduction of the Reserve Bank of Zimbabwe (RBZ) administered Foreign Exchange Auction system on 23 June 2020.

“The exchange rate stability has largely resulted in the significant easing of the country’s inflation, which stood at a year-on-year rate of 240.6% in March 2021 from a peak of 837.5% recorded in July 2020.

“We are hopeful that the Monetary Authorities will continue in their efforts to maintain the prevailing exchange rate stability which largely underpins the country’s economic stability and provides the required impetus for economic growth,” she said.

The NMBZ remarks match testimonies of many local firms that continue to praise the central bank auction platform for creating a predictable business environment.

Meanwhile, Pashapa said the bank has accelerated its digitalisation drive which has resulted in the launch of five disruptive digital products namely Virtual Branch, that allows customers to conduct cash transactions on their phone and simply walk into the branch to pick cash; an automated loan application that allows customers to apply for personal loans on shortcode *241#.

These services will be accessed without the need for clients to complete any paperwork.

Other digital developments include the launch of the instant NMBLite account opening via shortcode *241#; and digital account opening for the normal Know Your Customer accounts on NMBConnect allowing the customer to upload KYC documents without the need to visit the Bank.

“A Virtual Service Excellence Representative Assistant, named Sera also continued to transform NMB Bank Limited into a Digital Bank, without losing the excellent customer service we are known for.

“We therefore continue to serve businesses, high net worth customers, SMEs and the broader market segments through digitally enabled products and platforms.

“The Bank is at an advanced stage in rolling out the zero-rated mobile banking facility which will enable our customers to access the Bank’s mobile banking platforms without using their own mobile data,” added Pashapa. newzimbabwe

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