First National Bank (FNB) has launched cellphone banking for its clients in Zambia, giving FNB clients the ability to access their bank accounts anywhere and anytime.
Clients will be able to purchase prepaid airtime for themselves or for someone else on the Zain network, view account balances, view mini-statements, make third-party beneficiary payments to customers using other banks and transfer money between their own FNB accounts.
Cellphone canking will be offered across commercial banking and personal banking. Clients will also have access to FNB's inContact service, which allows customers to receive immediate SMSs and/or e-mails updating them of financial activities on their accounts.
"The channel is designed to provide customers with convenient, affordable and accessible banking solutions, and we are very pleased that Zambia will reap the benefits of FNB's innovative thinking," says Richard Hudson, CEO of FNB Zambia.
FNB's cellphone banking has enjoyed success in a number of countries across Africa, including South Africa, Botswana and Namibia. In South Africa, about 4,4-million people are using cellphone banking and 1,5-million of them are registered with FNB.
According to Ravesh Ramlakan, CEO of cellphone banking from FNB, banking in Africa has traditionally not been innovative nor cost-effective.
"FNB's objective is to address these traditional barriers in banking in order to promote the use of a convenient, innovative low cost medium of banking for people from all walks of life," he says.