Zimbabwe’s Banking Gets a Digital Makeover with Intellect Design Arena
Intellect Design Arena, a global leader in financial technology (fintech), is rapidly modernizing the banking landscape in Zimbabwe. Already having revolutionized two major banks, the company is expanding its footprint, now partnering with four banks in the country, bringing simpler, faster, and more accessible banking to ordinary citizens.
By Plot Mhako
Intellect Design Arena’s powerful eMACH.ai Core Banking Solution is the engine behind this transformation. Initially making waves with NMB Bank and AFC Commercial Bank, the company has recently added POSB (People’s Own Savings Bank) and First Capital Bank (FCB) to its growing list of clients. This expansion signals a clear focus from Zimbabwean banks on adopting cutting-edge technology.
Cutting Hours to Minutes: The Business Impact
The tangible benefits of this digital shift are already becoming evident. Mr. Rajesh Saxena, CEO of Intellect’s consumer banking unit, shared a striking example from AFC Bank. Before the update, the bank’s end-of-day operations took about eight hours—an entire business day of processing. Now, with Intellect’s solution, that time has been slashed to a mere 30 minutes.
“This is a huge business impact,” Saxena noted, emphasizing how the technology allows banks to operate more efficiently and at a lower cost. Furthermore, the ability to launch new financial products—which once took months—can now be done in a matter of days, keeping banks competitive in a fast-paced market.
A key driver for this modernization is financial inclusion. With over 60% of Africa’s population under the age of 26, banks need to appeal to a digitally native generation.
Intellect Design Arena’s solution supports the local push for financial inclusion by enabling digital onboarding. New customers can open an account in minutes via a mobile phone, eliminating the need to visit a branch or deal with excessive paperwork. This shift is particularly crucial in Zimbabwe, a predominantly cash-based economy. By offering secure, easy-to-use digital banking apps, banks can help citizens transition away from the risks of carrying cash and enable them to make all payments digitally.
Mr. Vishal Singh, Senior Vice President and Regional Head of Africa for Intellect Design Arena, highlights the broader vision: “We have the right technology and product set ready for markets like Zimbabwe and, in a broader context, Africa, and we can help these markets achieve their national priorities.”
In essence, Intellect is providing Zimbabwean banks with the digital tools to not only cut costs and increase efficiency but also to truly modernize, making banking simpler, quicker, and available to everyone.
Source link: https://earground.com/zimbabwes-banking-gets-a-digital-makeover-with-intellect-design-arena/
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