Published by the government of Zimbabwe
11 September 2008
Harare — THE People's Own Savings Bank is set to follow industry trends by introducing internet and mobile banking in the second half of this year.
Board chairman Mr Timothy Chiganze said this week that this would improve service delivery and banking convenience to clients.
"I am proud to announce that the bank is working on introducing Internet and mobile banking in the second half of the year. These products will bring a lot of convenience and will go a long way in improving service delivery to our customers," he revealed.
The launch follows hard on the heels of the unveiling of Esteem Banking, a private banking division that aims to bring customer segmentation.
However it is the introduction of Internet banking that is likely to create waves for the mass-market bank, as it comes in when the Reserve Bank of Zimbabwe is clamping down on illegal foreign currency dealers that have been abusing the facility at banks that have electronic banking in operation.
For the half year ended 30 June 2008 the bank registered net profit of $126,8 quadrillion up 141,2 million percent from $90 trillion posted in the same period a year earlier.
Operating income rose to $129,7 quadrillion from $151 trillion in 2007.
Cost to income ratio improved significantly during period under review to 2 percent down from 40 percent.
The balance sheet was ahead 731 616 percent to $839,7 quadrillion from $114 trillion in December 2008.
The financial institution "is also strategically closing Centenary branch and opening a new one in Glendale," where it will generate more business.
Before year-end the bank expects to open another branch in Gokwe in a bid to cash in on cotton farmers in the area.
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