Zambia’s Investrust Bank has launched a mobile banking service brandmarked Invest Mobile.
While unveiling the service, Investrust Bank’s managing director Friday Ndhlovu said existing customers will first benefit from the service before it is made available to potential customers.
Ndhlovu explained that close to 1 billion people across the globe lack bank accounts although they have cellphones, leading to mobile money transfer services as the best way of offering banking services in a fast, simple, convenient and effective way.
The new mobile banking service gives an account summary of the last seven transactions, payment of utility bills, electricity and DSTV-Multichoice product. Mobile phone subscribers who have bank account with Investrust bank will be able to access money transfer services including make deposits, withdraw, check on loan and cheque status.
While commenting on tha bank’s progress in the last 10 years, Ndhlovu singled out massive investment in information communication technology (ICT) infrastructure courtesy of Lusaka’s Stock Exchange (LuSE) funds collected in 2007.
He said that there is maximum security after the innovation of chip and pin technology which runs InvestNet, provides online banking and VISA Green Card.
Africa boasts of the fast technology adoption with an estimated 100 million mobile phone users. According to a research study by Zedfibre, a telecommunications site in the country, more than 2.3 billion people are poor and cannot afford financial services although they have mobile phones.
Zedfibre’s report further revealed that First National bank Zambia-Celpay, Mobile Transactions Zambia Limited (MTZL), Zambia national commercial bank -Xapit ,Standard chartered bank- StanChart [Z] and First National Bank Zambia (FNB) offers mobile banking in Zambia.
In Africa, Kenya’s Safaricom is renowned for having been the first telecommunications operator to have offered mobile phone money transfer services M-Pesa back in 2007.