ZIMBABWEAN banking group CBZ is using the technical expertise of Spark ATM Systems, a South African company that installs cash machines, to set up in-store ATMs (automated teller machines).
Banks in Zimbabwe are swiftly expanding their services to stave off competition from mobile money services offered by telecommunications companies.
Econet Wireless, the biggest telecommunications company in the country, has signed up OK Zimbabwe, the leading supermarket chain, as an agent for its EcoCash mobile money service.
CBZ is planning to set up about 300 in-store ATMs across the country, having already set up about six inside retail outlets, food courts and petrol stations, mainly in Harare.
Independent economic analyst Moses Moyo said on Tuesday that banks and telecommunications companies were increasingly looking at value-added services to increase income. "Innovation will be key … as there is so much competition, even from the nontraditional banking competitors such as mobile companies offering mobile money services," he said. "The in-store concept is relatively new to Zimbabwe, but essentially could prove advantageous in fighting off EcoCash for the bank ."
Marc Sternberg, the MD of Spark ATM Systems, agreed, saying the company was keen to engage more Zimbabwean banks in expanding cash disbursement.
Retailers in Zimbabwe have seen increased competition following the entry of South African company Pick n Pay to the country through an investment in TM Supermarkets.
In the financial year to December, CBZ posted a 67% surge in earnings, with after-tax profit firming by 48.4% to $45m.
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