MBCA Bank is planning to open more branches this year as the banking institution continues to take a long-term strategic view to grow its footprint in the country in preparation for an improvement in the local economic environment.
At the end of last year, the bank had 10 branches after the opening of two branches in Msasa and Gweru in November.
In an interview on the sidelines of a prize giving event for winners who participated in the Basic Account promotion on Monday, MBCA Bank head of retail banking Mr Godfrey Mubvumbi told The Herald Business that the location of the new branches will be determined by market variables.
“Despite the economic situation we are quite bullish that we will gain more market share by ensuring that we are providing the right products and services,” said Mr Mubvumbi.
He said the bank is in the process of coming up with client value propositions for private banking clients, the middle market and small to medium enterprises in order to meet client demands.
Last year MBCA Bank introduced a new product called the basic account which has since expanded the bank’s product range.
The product has also accelerated provision of financial services to the unbanked at the same time advancing the bank’s long term vision of financial inclusion.
MBCA’s basic account caters for all individuals with a monthly income of $300 or less.
“The Basic account is coming up because with new products there tend to be some hesitation but during November and December last year there has been an upswing in terms of the accounts opened.
“We would like to believe that going forward people as they become more aware of the structure of this product we will see an increase in terms of accounts opened,” said Mr Mubvumbi.
In a recent survey the Reserve Bank of Zimbabwe announced that 76 percent of the Zimbabwean population are unbanked.
The Bank’s basic account includes a free funeral cash cover and this means basic account holders get cover of $200 from one month after the date of opening their account.
MBCA’s funeral cover is underwritten by Old Mutual as is the case with all of MBCA Bank’s Banc assurance products.