Software Group to support Metbank with digital transformation

30 May 2018 3 min. read

Software Group – a multinational technology firm offering solutions to the financial services sector – has won a contract to carry out the operational digitisation of Zimbabwean financial firm Metbank. The contract specifically involves the establishment and implementation of mobile banking infrastructure.

Analysis of economies across Africa in recent times has produced mixed results. Fluctuations in commodity prices, milestone political transformations, and a number of other factors have combined to challenge what is otherwise an economically promising scenario. 

Two factors, however, have remained constant across time from every perspective; the rapid spread of internet access, and the strong performance of the banking sector. By 2022, the number of internet connections on the continent is set to surpass 1 billion, while returns on equity in the banking sector are more than twice the figures in the developed world.

Both these development trajectories coincide to set the stage for another common phenomenon across the world – digital banking. A vast portion of the population is now online, and most banks now have online banking facilities, but there remains a reluctant attitude across the continent towards online financial transactions.

This gap serves as an opportunity for the consulting industry, particularly sotware solutions firms that can help financial institutions establish their online banking infrastructure. Sofia-based consulting firm Software group will now be engaged in a project of this precise nature, having signed a contract for the operational digitisation of Metbank in Zimbabwe.Software Group to support Metbank with digital transformationThe Bulgarian software firm has its African headquarters in Kenya, with additional locations in Ghana and Nigeria. Software Group operates with the sole objective of supporting digital transformations in the banking sector, which includes the establishment of integration platforms, facilitating international conversions, marketing, remote account infrastructure, and a number of others.

Metbank was established in Zimbabwe in 1999, and has since come to be known as a pioneer of digital banking in the country, keeping its brick-and-mortar presence to a minimum. Since its establishment, the bank has grown to an asset value of just over $2 million.

Now, the bank is set to further fine tune its digital offering with the help of the Software Group. This involves the addition of biometric verification, the expansion of geographical reach, the simplification of online transfers and bill payments, among a number of other improvements that will serve both individual customers and larger corporate clients.

Commenting on the partnership, Managing Director at Metbank, Belmont Ndebele said, “Software Group has extensive experience in the region providing alternative delivery channels for the financial domain and consulting on digitisation best practices. We rely on establishing a long-term partnership to help us digitize our business and enable us to reach our customers even more effectively.”

Chief Commercial Officer at Software Group, Russel Taylor added, “Currently, Metbank serves around 70,000 customers from large corporations, small to medium enterprises, as well as individuals. They are one of the fastest growing institutions in Zimbabwe and we аre happy to support them in their digitisation journey and help enhance the bank’s operations.”