NMB to roll out remittance service

NMB Bank (NMB) says it plans to establish a local remittance service to boost its non-funded income.
In a recent interview with The Financial Gazette, the group’s chief finance officer, Margret Chipunza, said NMB hoped to attain a better mix of US dollars and local dollars in its non-funded income.
“In terms of non-funded income, we are still growing; currently, it is still dominated by ZWL, but the delivery channels we are implementing will enable us to have a larger network so that we can expand our money transfer and other services,” Chipunza said.
“This is now boosting our ability to increase our non-funded income in terms of foreign currency.
“So that is imminent. I think in the next 30 or so days it should have gone live; everything is ready and we will be using our now expanded network incorporating Zimpost.”
Meanwhile, the group’s loans and advances were up by 40 percent to $46,28 billion in 2022 from $32,94 billion in 2021.
Its net interest income rose 90 percent to $14,69 billion in 2022 from $7,73 billion in the comparable period.
Deposits increased by five percent to $53,21 billion in 2022 from $35,84 billion in 2021.
Profit after tax was up 87 percent to $12 billion in 2022 from $6,43 billion in the comparative period.
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