Ecobank Zambia invests US$1mn in new software

Ecobank_ZambiaEcobank Zambia is investing over US$1mn in upgrading a core banking software application, Flexcube, to assist in the prevention of fraud and cyber crime

According to the bank’s managing director Charity Lumpa, the changeover to Flexcube was effected on October 31, 2011. Lumpa was speaking at a media briefing in Lusaka recently. Flexcube is Oracle Corporation’s banking automation software that enables global financial institutions to provide a more efficient service to customers.

The technology and telecommunications platform is supported by three data centres located in Accra, Lome and London which provide real time disaster recovery capabilities. Meanwhile, the bank is to invest a further US$2mn in opening four branches in Livingstone, Ndola, Chipata and Solwezi. Banking services will also be availed in Chibombo, Mpongwe, Masaiti and Shangombo.

The outlets will be supported by Automated Teller Machines (ATMs) by the end of 2012. The bank currently has four branches on Thabo Mbeki, Cairo Roads and Woodlands in Lusaka and Kitwe on the Copperbelt. The expansion is a commitment to provide effective banking services to more people across the country, thus supporting Government’s development programmes.

In another development, Cavmont Bank has introduced a Church Account designed to offer preferential rates to churches on interest, long-term deposits and foreign exchange. Information obtained from the bank says the product innovation is part of a bigger plan to consolidate its business goals. The bank says that there is a need for commercial banks to provide the church with services that meet their needs.

Nawa Mutumweno

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