ATLAS MARA PROJECTS K4.8BN AGENT TRANSACTIONS

By BUUMBA CHIMBULU

OVER K4.8 billion is expected to be transacted through the Atlas Mara Agent banking by September next year, as the institution breaks down barriers of entry to formal financial services.

Atlas Mara has therefore launched Tenga Express Agent Banking which will enhance access to the bank’s financial services by increasing the points at which customers can make transactions.

This product is as a result of partnerships with the Rural Finance Extension Programme (RUFEP), Zambia Postal Services Limited (ZAMPOST) and Tenga Express Agents.

Atlas Mara Chief Executive Officer, James Koni, is confident that Tenga Expeess will create access to basic financial services for all regardless of level of income.

“This banking at community level will further improve trust and confidence in banking and increase the uptake of banking products such and investments and savings.

“This will also breakdown barriers of entry to formal banking,” Mr Koni said yesterday in Lusaka during the launch of that Tenga Express Agent Banking.

He indicated that Atlas Mara currently has 800 registered Tenga Express Agents around the country.

Mr Koni said his organisation would soon roll out up to 10,000 touch points across the country.

RUFEP National Coordinator, Michael Mbulo, said the institution was working with Atlas Mara on a two-year project to promote financial inclusion.

Mr Mbulo indicated that the project which started in September last year was projected to record mobile transactions worth over K4.8 billion by next year.

“The aim of the project is to ensure that Atlas Mara reaches its targets Tenga Wallet customers and provide service points within their communities.

“We also support the bank in developing products tailored specifically for customer needs,” he said.

At the same function, ZAMPOST Deputy Director-Business Development, Kamenda Imbuwa,said the institution was engaged in agent banking with five banks.

Mr Imbuwa said the partnership with Atlas Mara would therefore assist ZAMPOST in executing its mandate of providing financial services.

“We intend to scale up agent banking with this partnership to 140 post offices across the country,” he said.