Major African banks launch online services
By Michael Malakata , Computerworld Zambia
4 Sep, 2009
4 Sep, 2009
Increased broadband capacity in Africa has pushed major banks in the region to launch Internet and mobile-phone banking services to customers to improve their access to banking services.
Standard Chartered Bank in Africa is rolling out Internet banking it calls iBanking to customers across the continent. In addition, the United Bank of Africa, the Zambian National Commercial Bank (Zanaco) and the regional First National Alliance Bank have also launched mobile-phone banking services.
Standard Chartered Bank has further partnered with pan African mobile service provider Mobile Telecommunication Network (MTN) to provide mobile banking services to all the countries where the bank has a presence, while Zanaco has partnered with Zain, another pan-African mobile service provider.
Some bank customers in Africa have to travel long distances from rural areas and spend long hours in queues to access bank services in urban areas and towns. But the new Internet banking services will allow customers to perform banking transactions from home or the office.
Standard Chartered Bank's head of consumer banking Ralph Watungwa said Tuesday that the roll out of Internet banking is an exciting initiative for the bank and customers. Most bank customers in Africa are now able to pay utility bills, view their bank statements, transfer funds, download banking application forms, request foreign exchange rates and buy airtime for mobile phones using mobile phones and computers without visiting banks.
The launch of Internet banking will enable the bank to significantly enhance its services to customers where the bank has operations. The launch of iBanking in Zambia and other countries in Africa is the latest in a list of alternative banking channels being introduced by the bank in Africa. Other access methods include ATMs, mobile-phone banking and e-statements, which provide customers with greater flexibility in their banking requirements, enabling them to sort out their finances at their own convenience.