BUSINESS REPORTER
Financial services provider, CABS, has launched a nostro offering for non-govermental organisations (NGOs).
The lender’s managing director, Mehluli Mpofu said the nostro account tailored for NGOs, will place CABS in a better position to offer a truly dedicated service to this sector.
According to the 2022 Monetary Policy Statement, NGOs are ranked third biggest earners of foreign currency after export proceeds and diaspora remittances. Total foreign currency receipts from NGOs rose by 50.5% from US$647.8m in 2020 to US$975.16m in 2021.
With the NGOs contributing a significant portion of these inflows and deposits, CABS is making it easy for NGOs to receive nostro funds through its network of fast and reliable correspondent banks.
“As CABS, we appreciate the role we play in providing efficient ways of receiving Nostro funds by our NGO clients. We have been hard at work securing multiple relationships with correspondent banks, and we now have a good network through which our customers can receive funds in different currencies which include USD, GBP, EURO among other currencies”, Mpofu said.
He affirmed CABS’s commitment to providing reliable and convenient service to the NGOs through its wide branch and agent network.
“ We have come up with a holistic offering to this sector. As CABS, we are at the core of driving financial inclusion, and we have introduced cash disbursement cards which will ease the administration pressure of distributing grants to the remotest parts of the country for our NGO customers. We guarantee USD availability at our branches and USD ATMs, as well as product support at over 900 agents nationwide. Our promise is simple, and as CABS we are saying, let us serve you, while you are out saving the world,” Mpofu said.
