THE Zambia National Commercial Commercial Bank -Zanaco’s XAPIT ACCOUNT is a stooge being used to bank money which is Fraudulent by scourplous individuals, Tumfweko understands.
This has been learnt through its Weak KNOW YOUR CUSTOMER (KYC) Policy.
When opening a XAPIT Account, all the customer need is a National Registration Card and a Mobile Cellphone Number which many Scorplous individuals have taken advantage of in saving fraudelent money through it.
It has been discovered that many have taken advantage by opening more than 8 XAPIT accounts provided s/he has different mobile phone numbers to subscribe to it but with same NRC.
The KYC aspect of asking for PROOF OF RESIDENCE and NONE Referencial of existing customers on part of introduction to would be customers is weakness noticed and closely monitored by Tumfweko.
However, insiders within Zanaco have disclosed to Tumfweko that many known former and current government officials in the MMD regime took and have taken advantage of the weakness in the account.
The XAPIT account has been heavily used for money laundering.
The account’s KYC therefore needs to be revisited.
In 2008, Zanaco Bank launched Zambia’s first mobile banking service, Xapit, primarily to reach the Zambian markets that have not been served by banks before, otherwise known as the unbanked. Today the bank has over 300,000 Xapit customers at an outstanding current growth rate of 40,000 customers and over 2,000,000 transactions per month respectively. Xapit users include other Zanaco customers that have easy access to the product through their savings and current accounts.
The Xapit account offers Visa services and is also the only instant Zanaco Bank account that can be opened within only minutes offering customers a Visa card and the following services through the use of a mobile phone.