ZB Financial Holdings is planning to use 20 million dollars in a move to modernize its operational technological services in the face of a hot battle for supremacy.
The programme is said to be already at an advanced stage and has seen the Bank procuring 1500 Point of Sale Machines (POS) to be distributed to branches across the country, with an estimated 5 million dollars having been spent on the I.T systems.
The Chief Executive Officer of the financial institution, Ronald Mutandagayi confirmed that the bank has recently spent 5.4 Million dollars in upgrading their systems to offer excellent service provision through enhancing overall system performance and has succeeded in purchasing 1500 mobile Point of Sale Machines that are currently being distributed nationwide and the bank is looking forward to having reached a total of 12 000 by the end of the 2019 financial year.
“The Group is further looking to generate 20Million dollars in its I.T infrastructure in a bid to boost non-interest income”, said Mutandagayi adding that the move is in line with the market trend and the financial services sector, with several companies investing in I.T, notably FBC, NMB and Old Mutual.
In a separate interview, Ronald stressed that in this current technological environment, I.T expenditure is very critical to the Group has adopted a digitalization strategy which means the bank needs to modernize networks, equipment, and servers.
Mutangagayi said the 5 Million that was recently spent was principally directed to Routers and Servers as well as surround systems and the Bank needed to spend at least 10 to 20 Million dollars on the digitalization exercise.
He said the Group was aware it would obviously face challenges in raising that kind of money in this current market environment, so it would be done on a pismal basis as the bank was the first to go paper-less as far as the front office is concerned a few years ago and was now headed to the middle office to ensure that systems are optimized investment in document floor waiting for management to allow staff members to be more efficient.
Mutandagayi further stated that the Group has had some difficulties raising the funding that is required, saying currently there was a 1 million dollar budget to allow working capital and the assets that are required for beginning of operations and was in the process of raising that kind of money and charging to interested international organizations who have expressed willingness to support the I.T programme.
The financial institution, which was incorporated in Zimbabwe in 1989 as a holding company for a group of companies which have been providing commercial and merchant banking as well as other financial services since 1951, has over the years witnessed an impressive growth and is looking up to further strengthen its professionalism through upgrading its Information technologies to conform to modern standards.