ATM Solutions Zambia, a subsidiary of Paycorp, has installed its 20 ATM for Zambia’s Cavmont Bank. The installations to date have been located at Cavmont Bank branches across Zambia, with the latest being in the northern province of Mpulungu.
ATM Solutions is largely driven by providing financial inclusion to people who otherwise have limited or no access to banking services. Tukiya Chikoti, Branch manager of ATM Solutions Zambia, said, “Currently all our ATM installations in Zambia have been at Cavmont Bank branches but our expansion into retail and more rural areas is imminent. The branch ATMs that have been installed to date have allowed Cavmont customers to migrate from having to withdraw from cash over-the-counter to utilising an ATM. Our retail and rural Cavmont ATMs will be bringing convenience to the banked and under-banked communities where they shop, work and live. The ATMs are performing ahead of expectations and we expect to see even better performance as our ATM presence grows.”
Cavmont is a relative newcomer on the Zambian financial scene, established in 2004 with 18 branches across the country. According to the Bank of Zambia, Cavmont is one of 21 commercial banks in the country, five of which have no ATM presence at all.
As its 20th ATM went live, Johan Cloete, Chief Operating Officer of Cavmont Bank, said, “We are a fast growing organisation making our presence felt in Zambia. It seems clear that the addition of ATMs to our offering will have a significant impact on our growth and we expect this to continue as we expand further across the country.”
Commenting on ATM Solutions’ current expansion into emerging markets, Wayne Abramson, chief executive officer of ATM Solutions said, “Our strategic partnership with Cavmont Bank combined with our experience in the uniquely southern African environment that straddles both emerging and developed markets, enables us to take banking services closer to the people that need them.”
