LUSAKA, Zambia – 31 January 2023 – First National Bank (FNB) Zambia and Cactus Money Transfers have announced a CashPlus agency banking partnership adding 80 agencies across Zambia Speaking on the partnership, FNB Zambia Chief Executive Officer, Bydon Longwe said, “We are thrilled to announce this partnership with Cactus Money Transfers, an organization that shares our vision of creating a better world through the provision of intuitive help in the communities where we operate in. When we launched CashPlus, FNB’s agency banking proposition in May 2018, the Bank was very clear on the intent to complement government efforts in bridging the financial inclusion gap, while providing our customers and stakeholders with alternative access to cash and bill payment options without them having to step into a branch, and right in the convenience of their own neighbourhoods”
“In May 2021, we celebrated the milestone of 1,000 CashPlus agents across all 10 provinces of Zambia which meant that customers in places where we didn’t have branch presence could still access our services. As of April 2022, the Bank had slightly over 1,600 CashPlus agents undertaking over 273,000 monthly transaction volumes. As of December 2022, our portfolio of CashPlus agents grew to 1,968 recording over 330,000 monthly transactions valued at about K1 billion. To us, this is growth that has been attained through the support of the Zambian people who we, as FB remain committed to serving with excellence”, Mr. Longwe added.
The partnership with Cactus Money Transfers has added service points across the country in locations like Mansa, Mbala, Lundazi, Mufulira, Mongu, Mpongwe, Mpulungu, Kazungula and Sesheke, among others, where FNB does not have branch presence. These agencies are included in the 1,968 across the country.
Cactus Money Transfers Board Chairman, Mr. Frederick Maunda Banda said, “FNB Zambia has demonstrated continued commitment to supporting local businesses to thrive in the country. When we partnered, we started out with 4 locations on pilot basis, and our portfolio has since grown to 80 outlets as a result of the business and financial support provided by this innovative Bank. We would like to thank FNB Zambia for considering partnering with us so that together we can better support the people of Zambia who require these financial services.”
FNB’s CashPlus agency banking proposition offers a convenient way for FNB and non-FNB customers to transact. All transactions are facilitated through the Bank’s secure mobile banking platform or the FNB App. Through a CashPlus agent, customers and stakeholders have alternative access to cash and bill payment options.
