Agriculture focused financial institution, Agribank now has internet banking and this is a welcome development for its customers.
In the interim results presentation, the Agribank Chief Executive Officer, Sam Malaba said the bank recorded a surge in the use of e-based transactions channels which rose by marginal 66 percent, representing a net value of about $ 12 million monthly for the six months ended June 30 2018.
Chief Executive Officer, Sam Malaba said the cumulative number of the Bank's mobile subscribers is an estimated 200 000.
Malaba said the mobile banking usage has continued to rise steadily and this is mainly attributed to the cash shortages that the country is experiencing.
He said the Bank has proactively invested in more robust ancillary systems and infrastructure to ensure that it supports the growth from the self-service transactions.
Malaba said that the bank will continue to expand its e-channels and mobile banking platforms following the surge in business growth since 2017.
He said the stability of ICT systems is critical for the survival of banks in the current environment.
"The Bank is implementing the Core Banking system upgrade as necessary for the Bank to expand ICT based e-channels in an increasingly competitive domestic and global banking environment.
"The Bank is migrating to the latest T24 version, Temenos R18, which uses modern Arrangement Architecture (AA) and will also implement new models," he said adding that the total cost of the project is estimated at $6 million including taxes.
Recently, Agribank invited all its valued corporate and individual customers to participate in the information update exercise to enhance its system data integrity as part of the ongoing Core Banking system upgrade.
Register for Internet banking today and access the following services at the comfort of your home/office. -Account Statement -Bulk Transfers -Internal Transfers - RTGS with Straight Through Processing feature! pic.twitter.com/piz97GofpD