Zambia’s largest indigenous bank by asset size and profitability, Zanaco Plc, has defied the odds and redefined banking overnight by being a debut partner bank on Digital PayGo shared agent banking platform. The Lusaka Securities Exchange (LuSE) bank has disrupted the Zambian commercial banking space with a platform banking initiative no bank has dared to offer.
The shared agent banking pilot went live on April 06, with 200 Zanaco Xpress agents. The platform will converge an array of banks and financial service providers to allow for complex interoperability in the quest to unlock value. Digital PayGo provides for bespoke interoperability solution, allowing for business owners to focus more on their inherent operations that be head ached with the current fragmented landscape of financial institutions.
Like the marketing manager that scoops the aspirin account by designing adverts that give clients headaches, Digital PayGo platform will additionally provide a shared digital marketplace which Zanaco Plc has already tapped into as it demonstrates tech-banking leadership. This comes at a time that pandemic risks have bred digital transformation appetite that will see more cashless transactions through usage of electronic money for tansactability purposes.
This is by far the biggest milestone the LuSE listed bank has attained in 2021 asides reporting its record after tax earnings at the recently ended Annual General Meeting (AGM). Zanaco remains the leading bank in technology innovation in the payments faculty whose momentum continues to accelerate. Over 10,000 Xpress agents could eventually be onboarded on the platform subsequently.
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