Vusumuzi Dube
Judith Phiri, Business Reporter
LISTED financial services provider, NMBZ Holdings Limited has said it will continue to forge ahead with digitalisation initiatives which are expected to reduce costs while increasing efficiencies.
With digitalisation which is the use of digital technologies, the banking sector has heightened their processes and leveraged the power of data analytics and artificial intelligence (AI) to make better business decisions and offer personalised services to customers.
In a statement accompanying the its 2023 half-year financial results, NMBZ chairman, Mr Benedict Chikwanha said digitalisation initiatives are being rolled out at its main subsidiary.
“The Group’s main subsidiary, NMB Bank Limited, has strengthened its core product offering by introducing a virtual card application platform which eliminates paper from the card application process. An online query resolution platform was introduced which has made it easier for our clients to lodge any queries they may have with timely resolution assured,” he said.
He said the group achieved operating income of ZWL$283 billion, up from ZWL$51 billion achieved in the comparative period, driven by a significant increase in interest income and continued growth in fees and commission income.
Mr Chikwanha said total assets increased by 145 percent to close the period at ZWL$1 trillion largely responding to inflation and movements in the exchange rate.
He added: “The main subsidiary, NMB Bank Limited remains well capitalised with a total capital adequacy ratio of 27.79 percent. Risk weighted assets stood at ZWL$1.2 trillion, up 675 percentfrom December 2022 levels. The bank is in discussion with various providers of debt financing and the discussions are at various stages of completion. It is expected that draw-downs will commence in the third quarter of 2023.”
Mr Chikwanha said the group will continue to explore opportunities for revenue growth and value preservation while forging ahead to achieve its strategic objectives.
In terms of corporate social investment, he said the group contributed to various causes mainly targeted at the education sector during the period under review.
“3 500 students have benefitted under the Group’s Skills for Success program which aims to bridge the soft skills gap by partnering with local high schools and institutions to offer relevant career guidance. NMB conducted financial literacy programs for high school students as part of the 11th edition of Global Money Week (GMW) celebrations under the theme “Plan your money, plant your future.”
Mr Chikwanha said in April 2023 the group launched the “We Love to Serve” program, a staff-led CSR initiative aimed at building a true culture of service at NMB.
While activities under the program are to include cleaning old people’s homes, helping at SPCA, volunteering at prisons hospitals, children’s homes, conservation and sustainability initiatives etc.
“This initiative will see every staff member participating in the Groups CSR initiatives. Families and communities affected by children’s cancer were supported by sponsoring KidsCan Zimbabwe.”
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