Business

Electronic platforms way to go – FNB

KABANDA CHULU, Lusaka
FIRST National Bank (FNB) Zambia says the usage of electronic platforms in its banking services is the primary factor driving the institution forward to become the fifth largest bank in the country by balance sheet.
In an interview at the ongoing 90th Zambia Agricultural and Commercial Show being held under the theme ‘Managing environment for growth,’ FNB Zambia Brand and Communications specialist Luke Njovu said the bank which was established seven years ago has made significant strides in trying to promote government policy of financial inclusion.
“We started with the electronic wallet that enables people without accounts to receive money then we launched the FNB applications for individual account holders that enable them access all banking services through a mobile phone.
“Now we have launched the mobile business applications that allow for duo authorisation, so, if one signatory approves, the transaction has to wait for the other signatory, but this one took recognisance of duo ownership of companies,” he said.
He said the electronic channels have been the cornerstone of the bank’s evolution.
“They are easier to sale and acceptability is high. FNB is now in eight of the 10 provinces but we are able to reach people through e-channels and digitalisation.”
“For instance, we have partnered with Spar Supermarkets to have in-store banking where slim-line machines have been installed that don’t disburse cash but receipts that are redeemed at the till, this way, we avoid to move unnecessarily with cash,” Mr Njovu said.
He said the newly launched FNB automated teller machines (ATM) are unique since they take deposits and sorts out cash that is automatically credited to the account.
“This is different from other deposit taking ATMs since it doesn’t require one to print a receipt, put it together with cash in an envelope, which someone has to sort out and will take some days. All these digital platforms have taken the bank forward to become the fifth largest bank by balance sheet,” Mr Njovu said.
On the theme, Mr Njovu said FNB has been reducing its carbon footprint.
“We are an environmentally friendly bank that uses less paper and we encourage customers to check every transaction online,” he said.



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