News

Zambian bank gradually grows its ATM fleet

May 27, 2014

Of 21 commercial banks in Zambia, only 16 have any ATM presence at all in the country. Cavmont Bank is one of these, and it has just installed its 20th ATM with assistance from the Zambia division of ATM Solutions, a subsidiary of South Africa-based payment services group Paycorp.

“We are a fast growing organization making our presence felt in Zambia,” said Cavmont Bank COO Johan Cloete. “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.”

ATM Solutions Zambia is also looking to grow in the largely unbanked nation. “Currently all our ATM installations in Zambia have been at Cavmont Bank branches but our expansion into retail and more rural areas is imminent,” said Tukiya Chikoti, branch manager of ATM Solutions Zambia.

“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,” said ATM Solutions CEO Wayne Abramson.