eBusiness Weekly
Jennifer Mufamba
Listed financial services giant, CABS, has introduced a nostro offering for Non-Governmental Organisations (NGOs) or development organisations to provide a truly dedicated service to this sector.
CABS said the new nostro account is meant to make it easier for NGOs to receive nostro funds through its network of rapid and trusted correspondent banks, as NGOs account for a large share of foreign currency inflows and deposits.
CABS managing director, Mehluli Mpofu said: “As CABS, we appreciate the role we play in providing efficient ways of receiving nostro funds by our NGO clients.
“We have been hard at work securing multiple relationships with correspondent banks, and we now have a good network through which our customers can receive funds in different currencies which include USD, GBP and EURO amongst other currencies,” Mpofu said.
He acknowledged CABS’ commitment to providing NGOs with dependable and convenient service through its extensive branch and agent network.
Mpofu said they have developed a comprehensive portfolio for this sector.
As part of its commitment to financial inclusion, CABS has introduced cash disbursement cards, which will reduce the administrative burden of giving funds to its NGO customers in the most distant corners of the country.
“We guarantee USD availability at our branches and USD ATMs, as well as product support at over 900 agents nationwide.
Our promise is simple, and as CABS we are saying, let us serve you, while you are out saving the world!” he said
According to the 2022 Monetary Policy Statement, NGOs are the third-largest source of foreign currency income after export proceeds and remittances from the diaspora with total foreign currency receipts from NGOs rising by 50,5percent from US$647,8 million in 2020 to US$975,16 million in 2021.
