NMBlite proves popular during the Harare Show week

The NMB Bank stand was a hive of activity at the recent Harare Agricultural Show where the NMBlite product was launched. Five new account holders walked away with $100 each day following a lucky draw.

The names of new NMBlite account holders were entered in the daily draw, whether or not their account was opened at the show or at one of the bank's branches. Altogether 30 new account holders won $100 each.

The new NMBlite account is intended to promote financial inclusivity by making it easy for anyone to be able to afford a bank account. The initial deposit required when opening the account is only five dollars.

There is no monthly bank charge. There is no minimum balance requirement.  

An NMBlite account can be opened at any NMB Bank branch. The only documentation required is a person's national identity card (or driving licence or passport) and proof of residence, such as a utility bill. Two passport sized photos are needed.

NMBlite customers are issued with a Zimswitch-enabled debit card that can be used to withdraw money from ATMs and for purchases at supermarkets and other outlets where there is an NMB or Zimswitch branded point of sale terminal.

They can apply for a Visa card, which can be used internationally as well as locally.  

They can also register to use internet and mobile banking services, allowing them to transfer money and pay utility bills and some other bills, including DSTV subscriptions, using a computer or mobile phone.

They have access to insurance products which are underwritten by Old Mutual Insurance Company.

"We see the account as an aspirational account," said NMB Bank head of retail banking Givens Hapadziwi.

"We want to help clients coming in at the lower end grow with the bank until they are able to access all our services," he said.