New service designed to remove entrepreneurship barriers
LUSAKA, ZAMBIA – Stanbic Bank Zambia is realigning its internet banking service to make it easier for businesses to transact more efficiently.
This is part of the bank’s strategy to drive entrepreneurship in Zambia through affordable lending, business owner training and mentorship, business and private banking services and cutting-edge business support technology like digital banking.
Entrepreneurship has enormous potential to help reduce poverty in Zambia through job creation, while contributing to national GDP growth, said the bank, which recognises the vital role stakeholders, especially financial institutions, play in developing ways to support growth.
Banks can play a key role in eliminating hurdles hindering entrepreneurial growth by creating innovative products to help make running a business easier and more cost effective., explained Stanbic Bank Innovation and Digitalisation Lead, Francis Mumbi.
Digital banking’s potential to create an environment more conducive to business growth is evidenced in how much financial institutions like Stanbic Bank have invested in developing online banking products. The bank is unwavering in its quest to digitalise Zambia’s banking sector to help meet the dynamic needs of modern society, he said.
He said: “Over the last few years, banking has rapidly evolved with more people and institutions embracing the efficiency of online banking. As such, banks have had to evolve themselves to keep up with this growing trend.”
Stanbic Bank’s Enterprise Online is designed to facilitate day-to-day running of a business from a finance perspective.
Mr Muimbi explained: “Enterprise Online makes running a business much easier in ways that were previously unavailable. “For instance, companies that pay their staff in cash no longer need to make huge withdrawals to facilitate payments. They can simply access Stanbic’s Digital Banking platform and issue bulk instant money transactions using the recipients’ phone numbers which saves time and is very secure. The issuer receives a PIN and the recipient receives a voucher number
“Enterprise Online also allows you to view your past transactions, making it easier to track your finances and enhance accountability.”
The ground-breaking system also stores details of each transaction – meaning similar transactions can be performed directly from a client’s stored data, avoiding the need to re-enter the same details.
Stanbic’s internet banking was recently restructured to enhance the banking experience for individual clients – allowing them to have full access to all their Stanbic Bank accounts from anywhere, anytime, with enhanced security features.
“We constantly work to give our clients better products and services. Stanbic always tries to push the envelope with regard to creating innovative products and services that provide the public with the most convenient and relevant banking services.
“You can manage all your Stanbic Bank accounts from wherever you are. Bank in your own space, pay your suppliers, pay your wages and settle bills while still doing life,” Mr Mumbi concluded.
As the best bank in Zambia continues to reinforce its status as the bank that drives Zambia’s growth, Stanbic’s latest innovations in the digital banking sphere may be the perfect catalyst the country needs to foster real growth..