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BancABC branch in Bulawayo

Patrick Chitumba, Midlands Bureau Chief
REGIONAL banking group ABC Holdings’ subsidiary, BancABC Zimbabwe, has to date availed a total of $35 million for on-lending to small to medium enterprises (SMEs) and co-operatives.

The funds will be used principally for business expansion.

BancABC, which is now part of the Atlas Mara group, has pledged to expand its businesses across the country even though market conditions in Zimbabwe are challenging.

Addressing its clients from Gweru yesterday, the group business banking country manager, Mr Oliver Habonimana, said the group plans to raise further lines of credit in the future.

“The total SME book is about $35 million to date including on–lending to the agriculture sector. SMEs are approaching the bank and we have been assisting them,” he said, adding that the bank now had 20 branches nationwide where SMEs can access the loans.

Mr Habonimana said the bank was going cashless as it surges ahead to conform to the economic situation, which has resulted in a decrease in the circulation of cash on the market.

He said initiatives such as online banking and mobile banking had been introduced so that clients can conduct transactions from their homes or offices.

“As I speak our clients like churches and schools can have access to the point of sale machines as and when they apply for the machines.

“We are going cashless as a bank and the POS are very much available. POS and business cards are part of an array of wide range of payment solutions, which are available through our robust online banking,” he said. — @pchitumba1