- BancAbc sets up kiosks at selected Tm Pick and Pay shops,
- BancAbc to realize increased revenue,
- How to send money via City hoper.
In a business model termed Agency banking, BancAbc Zimbabwe has partnered with retail giants TM Pick and Pay to set up in-store kiosks countrywide.
The service has already been rolled out in 29 selected TM Pick and Pay shops and will see BancAbc extend their services and promote financial inclusion in areas where they did not have a formal branch.
The partnership allows BancAbc customers to access banking services (account opening, deposits, withdrawals, City hopper, Remittance pick-ups, VISA card sales, and deposits) and shopping under one roof at any selected nearby selected Tm Outlet.
This approach provides customers with a wider choice of services as noted above and will also see them ripping benefits of lower transaction and transportation costs, longer operating hours as compared to the bank, and shorter ques.
Bank in shops is one of the best ways to lure in more customers, bring great convenience and maximize returns for a bank at the same time. Considering that TM Pick and Pay is one of the retail giants of Zimbabwe, more people will certainly know about BancAbc and perhaps go on to open an account in the same shop.
HOW HAVING MORE USERS WILL MAXIMISE RETURNS
Having more bankers will see BancAbc realize increased returns because banks make money primarily by borrowing money from depositors and compensating them with a certain interest rate and security for their funds then lending it out to borrowers or loan applicants at a higher interest rate thus profiting from the interest rate. So more bankers, more revenue.
Banks also make money from fee-based income fees such as credit card fees, checking balance, and savings account fees so giving more people access to their services will surely see them gain market value.
Take Note; City hoper is a local remittance service that allows customers (even non-BancAbc bankers) to instantly send foreign currency between cities throughout Zimbabwe. Already available in all 18 BancAbc branches, the service is now closer to the people in all the selected Tm Pick and Pay outlets on the instore kiosks giving customers an alternative to Mukuru and Western Union which can are sometimes overwhelmed by long ques.
To send money via City hoper visit any BancAbc branch or selected Tm Pick and Pay with your house address, phone number, national ID fill out the KYC and submit the money. The recipient is required to provide a reference number and copy of ID only.
Commercial banks in Zimbabwe should adopt the agency banking model as a cost-effective retail distribution channel and expansion strategy.
SELECTED TM PICK AND PAY OUTLETS
HARARE, BULAWAYO, MUTARE, CHIREMBA RD, MSASA HYPER, SAKUBVA, KOMFINSA, AVONDALE, SAM NUJOMA, MARONDERA, ARUNDEL, HWANGE, BORROWDALE, MASVINGO, WESTGATE, GWERU, MACHIPISA, RUSAPE, ASPINDALE, CHIPINGE, JOINA CITY, KAROI and CHINHOYI