Zim Banks Speeds Up Digitization Due To Increasing COVID-19 Cases

The elusive challenge (COVID -19) that is currently touching Zimbabwe’s productivity and efficiency has pushed business operatives to come up with different strategies around innovation and digital banking. In other words, there has been an incredible transformation as banks have moved nearly all their interactions with customers to digital.

The Zimbabwe Bankers’ Allied Workers Union (ZBAU) also said,” Of the 300 branches on the country 10% were permanently closed last year due to the digitization push. An additional 2 branches are now temporarily under lock and key in response to strict 30 – day lockdown that started on January 5’’.

Digital banking may now seem as an alternative towards the banking system in Zimbabwe due to the strict lockdown and minimized travelling. Perhaps digital banking was the awaiting new era which was not yet established effectively, in fact, the digital banking system was already in the game, taking for example banking companies like FBC, NMB & BancABC, but nowadays it is highly noticed because it has become the main alternative for people to access banking services.

Furthermore, Digital banking holds a number of benefits, for instance, digital banking is well convenient, it gives you an opportunity to manage your finances at a time and place to suit you. Provided that you have an internet connection and your mobile device or personal computer, you can usually access digital banking 24 hours a day, seven days a week. Digital banking also provides the ability to schedule bill payments.

However, there are quite a number of challenges considering digital banking, for instance, security risks. Stories of identity theft and stolen funds are common these days and also the situation of network wavering and ‘error’ replies in the process of inquiring accounts through the bank website. Simultaneously, internet connection is the stronghold of mobile banking, but taking into consideration Zimbabwe’s internet connection services, one can say the services are not dependable which will undermine the efficiency of digital banking.