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MBCA Bank has introduced a new product called the Basic Account which is expected to expand the bank’s product range while accelerating provision of financial services to the unbanked. In a statement, MBCA head of marketing, public relations and communications Dedrey Mutimutema yesterday said the bank was previously known as a bank for corporates, the elite and affluent due to its historical background as a merchant bank.
However, in recent years the bank managed to live true to its vision of being a “bank for all” by introducing propositions targeted at different segments of the market.
“Out of our overall vision, we’ve now introduced the Basic Account to improve financial inclusion in the economy.
“Our mission is to be the leading bank to all in Zimbabwe by providing focused products and services tailored to meet our clients’ diverse needs,” said Mutimutema.
“The introduction of the Basic Account is motivated by our desire to expand our product range to be more inclusive, and for us to provide financial services to the unbanked.”
She said the bank’s Basic Account caters for all individuals with a monthly income of $300 or less.
Mutimutema said, in a recent survey the Reserve Bank of Zimbabwe announced that 76 percent of the Zimbabwean population are unbanked showing how much of Zimbabwe’s population is yet to be banked.
“Our Basic Account includes a free funeral cash cover. This means our Basic Account holders get cover of $200 from just one month after the date of opening their account,” she said.
Mutimutema said MBCA’s funeral cover is underwritten by Old Mutual as is the case with all of MBCA Bank’s Bancassurance products.
“Our Basic Account clients enjoy almost all transactions at discounted prices. This account is an interest bearing savings account with favourable tiered monthly interested rates,” she said.
MBCA Basic Account holders can also shop using their debit card by swiping at any ZimSwitch branded Point of sale machine and enjoy the cash back facility.
Online Reporter