Agribank Phases Out Paper Withdrawals

AGRO Financial services concern, Agribank has announced that it will be phasing out all paper withdrawals in its bid to fully embrace plastic money.

The process will commence on October, 1, 2017 and the bank called on its customers to visit the bank to upgrade the customer information.

By TechnoMag Reporter 

Kindly please note that the Bank will be phasing out paper withdrawals and embracing fully card and mobile banking payments effective 1st October 2017. Pursuant to the foregoing and as an integral part of the ICT systems upgrade, we request all our valued customers to visit their nearest Agribank branch and update their customer information,” said Agribank in a statement. 

Agribank experienced a surge in e-transactions to 1,7 million in April this year from 20 000 recorded at the start of the year as deposits rose significantly.

In the first five months of the year, Agribank recorded a profit before tax of $1,8 million compared to a budgeted profit of $463 203 in the five-month period of January to May this year on the back of interest income earned on the capitalisation of Treasury Bills.

In the January to May period, customer deposits rose by 15,2% to $102,73 million from a budgeted $89,15 million. The shareholders’ equity also rose during the period by 15% to $51,09 million from a budgeted $44,31 million.

Besides the interest income earned on Treasury Bills, the overall performance was owing to a surge in e-transactions which made the bank set aside over $2 million to invest in upgrading their ICT infrastructure.

Marvelous Chibagidhi

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