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BancEasy Zimbabwe, the microfinance subsidiary of BancABC has today unveiled its new digital civil servant loans product. The launch of the new digital offering is another giant step in the bank’s aggressive digital transformation agenda which commenced last year.
BancEasy is a registered microfinance that was incorporated in 2012 and is part of the ABC Zimbabwe Holdings Group. This microfinance unit offers salary and product-based loans to individuals. With the launch of the digital loans, civil servants will now be able to apply for loans on their mobile phone via the *243# USSD platform in a few minutes, streamlining a process that previously had a 24 to 48-hour turnaround time.
Speaking at the launch, BancEasy MD Arthur Murahwa stated, “We are pleased to have reached this digitization milestone which we expect to increase convenience for the hundreds of civil servants we service. These loans are an addition to the current list of BancEasy loans such as payday and school fees loans. We are also looking forward to offering our nano loans product to all Zimbabweans in the near future.”
BancEasy has also unveiled its website to provide customers with information on its product range and useful financial tools such as a live loan calculator that assists a borrower in calculating monthly repayments and improves financial planning prior to borrowing.
ABC Holdings CEO, Dr. Lance Mambondiani said, “The ABC Holdings Zimbabwe Group is continuing with its drive to rapidly digitize its products and services to increase convenience to our customers. The launch of the Digital Civil Servant Loans by BancEasy is an example of our commitment to reducing friction in the way customers interact with our services. The digital loan application process will increase convenience to civil servants who previously had to travel to our branches to initiate this process.”
“Several digital platforms have been launched in the past year under the respective ABC Holdings Zimbabwe subsidiaries. These include Internet banking, WhatsApp Banking and the A360 Mobile App launched under BancABC. Under the ABC Stockbrokers unit, services were added to the C-Trade platform which allows ordinary people to buy shares online.
“Our objective as a Group is to provide universal access to financial services for the convenience of each and every Zimbabwean” stated Dr. Lance Mambondiani in his closing remarks at the Digital Civil Servant Loans product launch.
In her testimonial at the launch, Ropafadzo Chingosho, a nurse by profession who is a BancEasy Loans beneficiary said she got the loans to further her nursing studies in a very easy, convenient way.
“I needed to upgrade my studies in nursing so I applied for a loan. I contacted one of their agents. Speaking of their agents, they are so efficient, reliable. They can help you wherever you are so I spoke to one of their agents. The process and requirements are easy. That was a copy of my ID, current payslip and proof of employment. You don’t need to bank with them for you to apply for a loan. You can apply for BancEasy loans and product loans. I got a smartphone and laptop through their partners. Are you a civil servant? You will never get disappointed,” Chingosho said.
Another beneficiary, Noriet Tsvakirai took a loan and embarked on a chicken rearing project. She started off with 100 chickens but now she keeps many (over 1000) chickens. She encouraged other civil servants to take advantage of cash, school fees, and payday loans offered by Bank Easy loans.