Stanbic Bank Zambia says it is realigning its internet banking service to make it easier for businesses to transact more efficiently.
Stanbic Bank Innovation and Digitization Lead Francis Mumbi says 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.
Mr. Mumbi says entrepreneurship has enormous potential to help reduce poverty in Zambia through job creation, while contributing to national GDP growth.
He says 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.
“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 digitalis Zambia’s banking sector to help meet the dynamic needs of modern society,” 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.”
Mr. Mumbi explains that Stanbic Bank’s Enterprise Online is designed to facilitate day-to-day running of a business from a finance perspective.
Mr. Mumbi 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.”
He explains that 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.