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Tinashe Makichi Business Reporter
ZB Financial Holdings Limited is targeting 10 000 banking agents by year-end from the current 6 000 as the financial institution taps into the unbanked by bringing financial services to the consumer’s doorstep.

The financial services group last Friday officially launched its agency banking, “ZB Pauri/Konapho” after securing approval from the Reserve Bank of Zimbabwe.

Speaking on the sidelines of the launch in Glen Norah last Friday, ZB Financial Holdings chief executive Ronald Mutandagayi said the bank has a budget of $1 million to assist agents in setting up banking systems.

He said most of the investment will be done by the agent but the bank will intervene where necessary to ensure the agent is well equipped in line with best practices.

“We are targeting 10 000 agents across the country by the end of the year. We have already made inroads and at the moment our agent population is sitting at about 6 000. We are looking at increasing that number by year-end.

“This launch is part of the bank’s strategy to capture the unbanked while also driving the recently mooted financial inclusion strategy. We believe that can only be achieved if we bring financial services to the customer’s doorstep,” said Mr Mutandagayi.

He said the ZB Pauri/Konapho brings convenience to many Zimbabweans who have busy schedules within their localities.

“Our agents will help to divert existing customers and the public at large from crowded branches, providing a complementary and more convenient channel of accessing financial services. ZB Pauri/Konapho as the name sugests offers banking services right where you are within your neighbourhood.

“No more travel costs associated with going to your local bank as one simply needs to walk to their nearest ZB Pauri/Konapho agent,” said Mr Mutandagayi.

Mr Mutandagayi said agent banking is a delivery channel that holds high potential for closing the location gap and the Central Bank has been calling for the need for financial inclusion.

“ZB Pauri/Konapho is the only agent banking introduced by a bank in Zimbabwe with a name, an identity that resonates well with the community. It provides immediate convenience and offers opportunity to become an agent and earn income based on commission,” he said.

This agent network complements the existing 64 ZB Bank branches countrywide making ZB Bank the largest bank in terms of distribution channels.

Reserve Bank of Zimbabwe deputy director bank supervision Phillip Madamombe who officiated at the launch said agency banking is one of the major ways in which the country can achieve financial inclusion as it brings banking to the people.