NDAMU SANDU
The evolution of banking will see institutions that address the needs of customers getting the bulk of the business, GetBucks Microfinance Bank CEO George Nheweyembwa has said, as the sector embraces digitisation to adapt to the new normal.
The sector has over the years witnessed an evolution which has been accelerated by the Covid-19 pandemic that has ushered in the working from home model.
In his first interview since taking over the reins at GetBucks last month, Nheweyembwa said people tend to gravitate to the banks providing them with the simplest and most convenient services since “it is not possible to avoid banking” altogether.
“The winning banks will therefore be those that simplify their customers’ lives, and provide ease of transacting,” he said.
Since the outbreak of Covid-19, local banks have accelerated the digitisation drive as to reduce traffic in banking halls and be able to serve clients after the normal working hours.
Nheweyembwa said the “new normal” has seen GetBucks shifting effortlessly to remote work riding on technology. This, he said, has seen the bank’s back office process currently happening from staff members’ homes.
This has seen the bank changing the way it manages its staff the focus shifting to “output rather than time spent working”.
“… this has given our staff members a measure of flexibility in their working hours, for example, a staff member may take advantage of a lull in credit applications coming in during the day to carry out some errands, or assist a child with homework and return to their work when more applications are received (even if that is outside normal working hours),” Nheweyembwa said.
“This has actually seen us improving our turn-around times as we have actually moved from an 8 to 5 mentality to an ‘always on’ mentality.”
The Covid-19 has seen companies reporting subdued business as customers struggle to survive under the tough economic environment.
Nheweyembwa said the bulk of GetBucks’ customers are civil servants and the government has committed to continue paying their salaries during this pandemic.
“As a result we have been able to continue doing business with them from a lending perspective. We are also working to enrich our digital offering so that are able to enjoy a greater share of our customers’ transaction business by giving them a world class user experience,” he said.
Banks have cut back on lending and are deriving the bulk of their income from non-funded streams. Nyeweyembwa said the bank has increased lending “because we believe that our customers need our support for their businesses and families more in this difficult time than ever before”.
“…we are actually driving our lending business because we believe that we understand our target market very well, and are therefore able to manage the credit risk therein,” he said.
Nheweyembwa said technology was the future and GetBucks would invest more platforms that ensure customers can transact and interact with the bank where they are “than you will see us investing in brick and mortar”.
“The effect of this will be to grow our customer numbers and business volumes without a corresponding increase in physical presence,” he said.
Before joining GetBucks, Nheweyembwa was MD of the bank’s sister company, MyBucks Mozambique. The unit was sold to Xtenda Financial Holdings, a Mauritius-registered retail financial services company which has bankers Douglas Munatsi, Francis Dzanya and Beki Moyo as directors.
Nheweyembwa is a former MD of ZB Bank and has also worked for African Development Corporation, EY and First Mutual Life Assurance, among others.
A chartered accountant, Nheweyembwa holds a Master of Business Administration degree from the IMD Business School.
For executives, when the going gets tough, they turn to shareholders for support. Nheweyembwa said he has the backing of his principals.
“Our international shareholders have expressed their commitment to support the business as needed,” he said.
