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NMBZ Urges Maintaining Forex Stability For Economic Growth

By on May 14, 2021 0

By Alois Vinga

The National Merchant Bank of Zimbabwe (NMBZ), a leading financial services provider, urged the authorities to continue implementing efforts to maintain the stability of the prevailing exchange rate in order to support long-term economic growth. .

Bank Secretary General Shumirai Pashapa made the remarks during the presentation of the NMBZ trading update for the first quarter ended March 31, 2021.

She praised the monetary authorities for putting in place measures that have allowed the economy to remain relatively favorable following exchange rate stability in the second half of 2020 after the introduction of the administered currency auction system. by the Reserve Bank of Zimbabwe (RBZ) on June 23. 2020.

“The stability of the exchange rate has largely translated into a significant easing of the country’s inflation, which stood at an annual rate of 240.6% in March 2021 against a peak of 837.5% recorded in July. 2020.

“We hope that the monetary authorities will continue their efforts to maintain the stability of the prevailing exchange rate, which largely underpins the economic stability of the country and provides the necessary impetus for economic growth,” she said.

The NMBZ’s remarks match the testimonials of many local businesses who continue to praise the central bank‘s auction platform for creating a predictable business environment.

Meanwhile, Pashapa said the bank has ramped up its digitization campaign, which has resulted in the launch of five disruptive digital products, namely the Virtual Branch, which allows customers to conduct cash transactions on their phones and simply enter the branch to collect money; an automated loan application that allows customers to apply for personal loans on the * 241 # shortcode.

These services will be accessible without the need for clients to complete paperwork.

Other digital developments include the launch of the NMBLite instant account opening via the * 241 # shortcode; and digital account opening for normal Know Your Customer accounts on NMBConnect allowing the customer to upload KYC documents without needing to visit the Bank.

“An Assistant Virtual Service Excellence Representative, named Sera, also continued to transform NMB Bank Limited into a digital bank, without losing the excellent customer service we are known for.

“We therefore continue to serve businesses, high net worth clients, SMEs and broader market segments with digital products and platforms.

“The Bank is at an advanced stage in the deployment of the zero rate mobile banking facility which will allow our customers to access the Bank’s mobile banking platforms without using their own mobile data,” Pashapa added. .