MBCA Bank has hinted a reduction in future withdrawal limits, as it works on more digital solutions borrowed from parent company, the Nedbank Group.

BY TATIRA ZWINOIRA

This comes as the MBCA Bank has set aside resources to upgrade the ICT systems to create more cashless solutions.

MBCA managing director, Charity Jinya told NewsDay at the official opening of the bank’s Borrowdale branch on Tuesday that though they would consider lowering withdrawal limits, the institution would continue to offer cash via automated teller machines (ATMs).

“So it is important for us to also offer our cash via the ATMs and we will continue to monitor developments in the market. We might reduce the limits but our intention is to continue to offer cash via the branches,” she said.

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“We encourage also our clients to use their debit cards in shops. As MBCA, we launched our point-of-sale (POS) acquiring service, we now have POS machines that we are putting in shops as MBCA. I think for now it is 500 POS machines.”

MBCA Bank has already reduced withdrawal limits to weekly from daily, as the bank moves forward with its digital strategy.

MBCA Bank is one of the banks that have witnessed long queues in the central business district, which the bank is hoping to mitigate with their digital strategy.

“We have millions [of dollars] set aside to upgrade our ICT systems and we will be moving in that direction in the coming few months,” Jinya said.

“We have already started looking at what our colleagues in the Nedbank family have done and Zimbabwe will be moving in that area as well.”

She added that they were piloting a mobile application for their banking services, which was towards creating more cashless solutions for clients.

The Nedbank Group is one of the largest banks in South Africa.

It owns 71,37% shares in the MBCA Holdings Limited, the holding company of MBCA Bank.
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