LIVINGSTONE MARUFU
Listed financial services provider NMBZ has beefed up its cyber security system as it moves to protect depositors’ funds.
Hackers have terrorised banks the world over with financial institutions losing billions.
NMB chief executive officer Gerald Gore told Business Times that the bank continues to strengthen its systems to protect depositors’ money.
“We have invested heavily in the cyber security system. The first thing we did before building other security systems, we first built our cyber security system, which is the bedrock of our security system. Our cyber security system competes with the best systems in the world,” Gore said.
He said the bank has contracted one of the top security system companies in the world in addition to its strong team.
“This company from India is contracted by some of the biggest banks in the world. The company has 24 hour surveillance in our premises and has artificial intelligence tools that can detect potential threats from anywhere in the world,” Gore said.
He said the group has invested heavily in technology, which could be sold, as a number of banks in the region want the top-of-the-range technology.
A technology services division was also set up and is in various discussions with several banks in the region where it will become their technology partner to drive their digital transformation agendas.
NMB introduced new divisions such as property, microfinance and technology units.
Gore said these have opened up new markets for the group and have a clear vision of how to establish themselves as formidable players in their domains.
He said all the group’s divisions are adequately capitalised and capacitated to pursue their strategic goals.
In its financial results for year ended December 31,2022, NMBZ reported an 87% profit increase to ZWL$12bn from ZWL$6.4bn for the previous year.
Total income for the group was ZWL$12.5bn during the reviewed period from ZWL$7.7bn reported in the previous year.
Operating costs, however, increased by 57% to ZWL$19bn in the reviewed period from ZWL$12.1bn reported in 2021.
The group grew its loan book by 40% in the period under review to ZWL$46.3bn from ZWL$42.5bn in 2021.
Gore said the group partnered with Zimpost during the period under review, making it accessible in over 100 Zimpost branches countrywide from 13.
“We believe such partnerships are key for us to deliver services that require a physical touch point. The agency arrangement has also assisted in decongesting our branches, complemented by our efficient digital service delivery platforms,” he said.
NMBZ is also negotiating a US$53m line of credit with five unnamed offshore funders for onward lending to the productive sector.
NMB is expecting “to get that amount before the end of the year” and disburse it to small-scale exporters.
From last year’s credit lines, NMB mainly extended loans to horticulture exporters especially the blueberry farmers.
