Ecobank Zambia has announced ambitious plans to expand its network of third party agency partners with Kazang to ensure its banking services reach more currently under served locations. Ecobank has entered a distribution agreement with Kazang, extending Ecobank Xpress Point locations from 200 to 7,000 Kazang outlets throughout Zambia.
Kazang authorized agents will offer a number of banking services including:
Cash-in deposits on Xpress, current, and savings accounts
Cash-out withdrawals from Xpress and current accounts, and using Xpress Cash tokens
Send and receive money
“To deliver on our strategy of reaching 100 million customers group-wide, we have created innovative new digital banking platforms, products and services,” said Kola Adeleke, Managing Director of Ecobank Zambia.
“Introducing Ecobank Xpress Points at Kazang Agents will allow us to bring our banking services closer to our customers by providing them with convenient, accessible and efficient banking channels in their localities. This is crucial to our goal of financial inclusion as it makes banking services quickly and easily available to those in underserved locations.” Adeleke said.
Ecobank Xpress Point agents will support some of the services that Ecobank has brought to market, designed to meet customers at their points of need in areas with low banking density and large unbanked and underbanked populations.
Speaking during a Media briefing at the Ecobank Head Office, Kazang Chairman Mr. Rocky Sombe said the partnership with Ecobank will increase access points for financial services thereby increasing financial inclusion. He said that the partnership will provide cheaper alternative financial services away from the traditional brick and Mortar. “This option is better than ATMs which require massive investment, high running costs and high literacy levels. This partnership will enable people in far flung areas of Zambia access financial services without having to travel long distances and also to obtain affordable banking services outside the normal banking hours” Sombe said.