By BUUMBA CHIMBULU
The Bank of Zambia (BoZ) has approved NATSAVE’s request to participate directly on the Interbank Clearing System hosted by the Zambia Electronic Clearing House Limited (ZECHL), a state which was a stumbling block for the financial institution.
The central bank has also approved plans by NATSAVE to launch a Master Card within the course of this year.
This is according to NATSAVE Chief Executive Officer, Malcom Chabala, who said the development would broaden customer payment channels and benefit their businesses as they can now enjoy transactions across different Banks.
Mr Chabala said NATSAVE being on the ZECHL Interbank Clearing System also meant the Bank would no longer rely on other commercial banks for interbank transactions, cheque clearance and any reconciliation processes.
He said this when he paid a courtesy call on Commerce, Trade and Industry Minister, Chipoka Mulenga with his team.
“We have now been admitted into the ZECHL, this is quite a significant development because being a non-bank, we were not able to participate in this space
“We applied and got approval from the BoZ to be part of the ZECHL. This means now that we are able to move and receive money instantly. We have become more efficient in terms of moving money which was sort of a stumbling block when dealing with clients,” Mr Chabala said.
The development, he said, was an addition to strides in digitisation that NATSAVE had evolved and remain relevant on the market.
Mr Chabala said the bank could provide efficient, convenient, and cost-effective banking services through its electronic banking platforms such as mobile banking and internet banking.
He also announced plans by the bank to launch Master Card within the course of this year.
“Coming soon this year, we are launching Master card, BoZ has just approved it. That will enable customers make e-commerce transactions and be able to have access to their accounts when abroad,” he said.
In response, the minister said he was proud the strides made by NATSAVE in the last years while encouraging the institution to help Government in revamping the economy by providing affordable funds.
Mr Chipoka hoped for NATSAVE to be among key players in driving value addition, industrialisation and economic revival by lowering the cost of doing business.
“I want NATSAVE to be a friend of value addition, industrialisation and economic revival. It should be that friend that raise their hand and say we are partnering with Government in fulfilling their ambitions. You will help us have cheap finances,” he said.