By BUUMBA CHIMBULU
ACCESS Bank Zambia has launched an initiative meant to deepen the financial inclusion agenda while promoting the bank’s retail banking in the country.
The product called Zipange, is a flexible account with a tried Know Your Customer requirement for the unbanked and under banked informal segments in Zambia.
Speaking at the launch of the product yesterday in Lusaka, banks’ Managing Director, Joana Bannerman, said her institution’s commitment to the financial inclusion agenda was reflected as one of its key strategic objectives of broadening access to financial services.
Ms Bannerman said Zipange was among the many initiatives the bank was undertaking to increase access to financial services and grow the Bank’s retail division of the business.
“The product we are launching today forms part of our aggressive retail drive which speaks to put growth strategy in the retail space and seeks to help the Bank tailor bespoke products and services that address some of the challenges retail customers face as well as provide convenience in their banking experience,” she said.
Ms Bannerman expressed confidence that Zipange that the product would address some of the hurdles faced by the financially excluded and enable them have easy access to financial products and services resonating with their lifestyle.
This, she explained, would also contribute to the unbanked and underserved communities.
She said Zipange had a minimal Know Your Customer requirement as the Bank was aware of the stringent account opening requirements which had often excluded some unbanked from the formal financial sector.
“Access Bank Zambia has so far aggressively initiated a number of initiatives to improve access to financial products in the past months,” Ms Bannerman said.