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Kampala, Uganda | THE INDEPENDENT | PostBank Uganda has launched a Self-Onboarding ZeroFlex digital account to enable customers to self-register and have access to financial services anywhere and at any time without necessarily moving to the bank premises.
The ZeroFlex account is a digital account that allows existing or new account holders to self-register by filing in the required information that the bank bases on to assign them an account to aid their financial transactions.
The self-registration process is conducted online where customers independently fill in the required information, that includes their biodata, uploading photos a valid national identity card for nationals, and passports for non-citizens. Once the process is complete, a customer is assigned an account within 5 minutes.
Ibrahim Kato, the Chief Retail Officer at PostBank Uganda, said “As a bank that is committed to enable Ugandans to grow and prosper which aligns with our purposes of fostering prosperity for Ugandans, introducing the ZeroFlex Account to the market symbolizes our commitment to design products that drive financial inclusions in line with Bank of Uganda’s financial inclusion strategy for Ugandans to have access to and use a broad range of quality and affordable financial services.”
He added. “In terms of affordability, the ZeroFlex account has no maintenance fees, one can get free monthly statements and there are no balance inquiry fees with seamless integration with their mobile wallet and the convenience of 24/7 access to a customer’s account.”
According to the 2023 Bank of Uganda (BoU)annual report, mobile money transactions grew from 156 trillion to 191 trillion which indicates the opportunity to exploring alternative banking channels where customers can conduct bank to wallet transitions.
“BoU’s 2023 annual report statistics indicate the great opportunity that the banking sector can leverage if services and products are digitized so that we can drive the financial inclusion agenda to enable individuals and businesses to access affordable financial services through platforms like ZeroFlex so that we have a good number of our people participate in activities that boost our country’s social economic development,” Kato concluded.
PostBank, he said, is continuously evolving to meet the ever-changing needs of Ugandans when it comes to extending financial services to the unbaked community thus the ZeroFlex.
