The first National Bank FNB has launched the FNB Zambia bank on wheels which is a movable bank, and will target the rural parts of the country to help promote financial inclusion by bringing financial services closer to the people.
In a bid to increase financial inclusion in Zambia, the First National Bank FNB has come up with an initiative of using a movable bank that will reach out to people across the country and provide them with financial services, and serve as an important mechanism in migrating customers to digital banking platforms.
The FNB “Bank on Wheels” initiative is a state-of-the-art mobile banking unit that will offer Mobility, Accessibility, and an Innovative experience to FNB businesses especially in rural areas.
Speaking at the launch today in Lusaka, FNB chief Executive Officer Bidon Longwe said the Bank on wheels speaks to Mobility, accessibility and experience, and is built on the premise that the bank on wheels will be highly mobile and go to where the customers are providing them with convenience of accessing financial services right at their door steps while ensuring that they have a good experience.
Longwe added that the bank on wheels is a mobile banking unit fully equipped with banking facilities and integrated with a core banking systems to provide customers with their daily banking requirements.
He said that that the bank on wheels will not be moving with cash in transit, and noted that it is fully equipped with CCTV and other security features to enhance the safety of customers and the facilities.
Speaking at the same event, Minister of Finance and National Planning Dr. Musokotwane highlighted some of the challenges faced by government which include, challenges in the manner that government workers in the rural areas especially teachers are paid.
“In my own constituency for example, there are places where when a teacher goes to get their pay, they have to walk three to four days to access their money at the nearest bank. 4 days of walking to the bank, 4 days of walking back, then when they are there maybe they will take another two three days shopping, that means 10 days of the month lost, and the teacher will not be available to teach children” said Musokotwane. He has therefore urged FNB to take this into account do what they can to ensure that teachers are paid on points that are as near as possible.
And science and technology minister said that “with the deployment of technology you will be able to deliver services at a reduced cost, our expectation is that your format of banking, the bank in the hands, and also the bank on the wheels should be able to bring the cost down.” Mutati said that where there is reduced and subdued appetite by government, and technology is driving cost down, ultimately the positive income ratio is supposed to be down, and that when it is down, the benefits should be passed on to the customers by reducing interest costs.
Meanwhile Minister. Chipoka Mulenga said emphasised for more corporate social responsibility by the bank. He said that government has prioritised education, but are challenged with availability and classroom blocks, desks among others.
“We are in a quest to improve our health facilities, we look forward to a facility that we have seen growing in the past 14 years to contribute to government in supporting establishments or construction of facilities like schools, health facilities among many others because this is the future we are raising to come and take up the reigns of what we have that you are setting up as a classic example of a financial sector” said Mulenga.
