PostBank has  launched a Self-Onboarding ZeroFlex digital account that enables customers to self-register and have access to financial services anywhere and at any time without necessarily moving to the bank premises. 

The ZeroFlex account is a digital account that allows existing or new account holders to self-register by filling in the required information that the bank adopts as a basis to assign them an account to aid their financial transactions.

The self-registration process is conducted online where customers independently fill in the required information, that includes their biodata, uploading photos, a valid national identity card for nationals, and passports for non-citizens. Once the process is complete, a customer is assigned an account within 5 minutes. 

PostBank Uganda Chief Retail Officer, Mr Ibrahim Kato said, introducing the ZeroFlex Account to the market symbolizes the bank’s commitment to design products that drive financial inclusions in line with Bank of Uganda’s financial inclusion strategy for Ugandans to have access to and use a broad range of quality and affordable financial services. 

“As a bank that is committed to enable Ugandans to grow and prosper which aligns with our purposes of fostering prosperity for Ugandans,” he said. 

He added: “In terms of affordability, the ZeroFlex account has no maintenance fees, one can get free monthly statements and there are no balance inquiry fees with seamless integration with their mobile wallet and the convenience of 24/7 access to a customer’s account.”

According to the 2023 Bank of Uganda (BOU) annual report, mobile money transactions grew from 156 trillion to 191 trillion which indicates the opportunity to explore alternative banking channels where customers can conduct bank to wallet transitions.

Kato explained that BOU’s 2023 annual report statistics indicate there’s a great opportunity that the banking sector can leverage if services and products are digitized to drive the financial inclusion agenda to enable individuals and businesses to access affordable financial services through platforms such as ZeroFlex.   

PostBank is continuously evolving to meet the ever-changing needs of Ugandans when it comes to extending financial services to the unbanked community thus the ZeroFlex account does not require one to be an account holder in PostBank Uganda, therefore, one can start the self-registration process by either downloading the PostApp on Google Play store or Appstore or by navigating the PostBank Uganda website (www.postbank.co.ug) under the account opening section which will prompt them to open an account.