Zimbabwe: FBC Bank Launches Noku Application Enabling WhatsApp Banking

Leading financial institution, FBC Bank has launched a banking application - Noku - which enables clients to access services on Whatsapp throughout the day amid the execution of a digital transformation roadmap.

Speaking on the latest development Friday, the bank's company secretary, Tichaona Mabeza revealed that the firm's digital transformation drive was beginning to pay dividends.

"The Group launched Noku, a smart Digital Assistant equipped with the capabilities to assist clients in accessing banking and insurance services on WhatsApp at any time of the day.

"We also introduced a WhatsApp capability on YAKO, our digital insurance onboarding product which allows vehicle owners to purchase Third Party Motor Insurance instantly using a mobile device," he said.

The developments come at a time when the Covid-19 pandemic has triggered a rude awakening in the world of business pushing companies to invest in technologically related innovations to interface with their clients remotely.

Meanwhile, during the third quarter of 2020, FBCH witnessed improvements in the banking and insurance subsidiaries improving the pace of customer acquisition.

FBC Holdings Limited recorded a 59% growth in total income to $6.3 billion, compared to the same period last year driven by a strong growth in net trading income and net interest income.

Administrative expenses for the period were up 33% to $3.2 billion on the back of a devaluation of the local currency. Group profit before tax increased eight fold to $2.7 billion.

The Group's statement of financial position as at 30 September 2020 increased by 19% to $29.5 billion from the 31 December 2019 position of $24.8 billion.

Equity attributable to shareholders of the parent company increased by 52% to $6.1 billion from $4 billion as at 31 December 2019, supported by improved retained revenue reserves.

Going forward , Mabeza said the emergence of a second wave of Covid-19 pandemic in countries which are the major trading partners and source of tourists for the tourism sector will no doubt impact negatively on the recovery prospects for our economy.

"We nevertheless remain cautiously optimistic that normalcy will return, as we continue to activate, review and strengthen our Business Continuity and Disaster Recovery Plans," he added.

Source: All Africa