Monday, November 3, 2008

Zambia bank to computerize network system

By Michael Malakata , IDG News Service , 10/21/2008

Zambia's National Savings and Credit Bank is set to install a computerized network system to provide electronic banking services and ensure quicker and more efficient transactions.

"The software and equipment will be rolled out in the first quarter of 2009 to ensure that the bank's transactions are real-time," said NatSave managing director Leonard Mwanza.

Neptune, a U.K. IT company, will supply the bank with software and various hardware components, including computers, fax machines, printers and ATMs.

The computerization process has taken a long time to implement, however, because the project is donor-funded, Mwanza explained. Therefore, the bank had to wait for confirmation from donors before implementing the project.

NatSave is pushing for the Zambian government to provide banks with tax exemptions on equipment and other technologies, said Milton Lukashya, the bank's northern division regional manager.

Such incentives would support the development of rural banking and would encourage many financial lending institutions to consider extending their services to rural areas, Lukashya said.

The National Savings and Credit Bank is owned by the Zambian government under the Ministry of Finance and National Planning and has branches in rural areas across the country.