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NMB Bank Launches Low Cost Transaction Account

FinTech

NMB Bank Launches Low Cost Transaction Account

NMB Bank is launching a low cost bank account, NMBlite, with no monthly bank charges, as part of its drive to make banking accessible to everyone.

A Zimswitch-enabled NMB Access debit card issued to NMBlite account holders can be used to draw money from Automated Teller Machines (ATMs). It can also be used at NMB or Zimswitch branded point of sale terminals in supermarkets and other outlets to pay for goods and services.

There is no monthly bank charge. The charge for withdrawals – whether at ATMs or in an NMB banking hall – is 50 cents. There is no minimum balance requirement.

An NMBlite account can be opened with a five dollar deposit, national identity card (or driving licence or passport), proof of residence, such as a utility bill, and two passport-sized photographs.

Those who during the Harare Agricultural Show week open the account at any NMB branch or at the NMB stand at the show will also stand a chance of winning $100. There will be five prizes of $100 each per day of the show. Winners will be chosen by means of a draw.

NMBlite account holders will have access to internet and mobile banking services. These can be used to transfer money and to pay utility bills and others such as DSTV subscriptions and airtime.

Account holders will also have access to insurance products which are underwritten by Old Mutual Insurance Company. They can apply for a Visa card, which can be used internationally as well as locally, should they so wish

NMBlite customers can draw up to $200 cash per day at ATMs. The $200 limit is due to the current cash shortages. When the country’s cash situation is normalised the limit will be $500.

NMB Bank head of retail banking Givens Hapadziwi said the bank hoped that opening an NMBlite account would be the beginning of a relationship between the bank and the account holder.

“We see the account as an aspirational account. We want to help clients coming in at the lower end grow with the bank until they are able to access all our services,” he said.

“Visitors to the Harare Agricultural Show that runs from 22 to 27 August will have the opportunity to open NMBlite accounts at the NMB stand in the Nelson Mandela Hall.  They only have to deposit five dollars. By doing so they stand a chance to win $100 in our daily draw.

“We will have a camera for the purposes of taking passport photographs and a photocopier for making copies of necessary client documentation.

“If visitors to our stand do not have the proof of residence, this can be produced at a later stage,” he added.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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