29th September 2020

Stanbic and MTN Zambia launch ‘Bank for Free’ service

Bank for Free: (from left) Stanbic Bank Zambia Chief Executive Charles Mudiwa, Bank of Zambia Governor Dr Denny Kalyalya and MTN Zambia Chief Executive Officer Charles Molapisi launch the new Bank for Free partnership.

Stanbic Bank Zambia has introduced yet another innovative banking solution for its customers with the launch of its ‘Bank for Free’ service in partnership with MTN.

The service will enable Stanbic account holders who are MTN customers to access an internet banking and mobile banking smart application for free. The bank’s clients who are on the network will be able to access all Stanbic apps and websites and perform transactions without the use of bundles.

Bank of Zambia Governor Dr Denny Kalyalya, who was the guest of honour at the launch, said the new product provided an opportunity for the expansion of mobile financial services to the peri-urban and rural areas where traditional financial services were unable to reach communities.

“The Bank for Free programme is indeed a game-changer for increasing access and usage of financial services by the general public; smallholder farmers; households of the disadvantaged; and small and medium scale enterprises,” Dr Kalyalya said.

“This is also in recognition of the huge untapped potential for the expansion of financial services to the un-banked and under banked population.”

Stanbic Chief Executive Charles Mudiwa pointed out that the new product would add tremendous value to Stanbic clients as well as help the bank increase the uptake of the two services by existing customers as well as attract new customers, further fostering financial inclusion.

“Our aspiration is to make available the necessary digital technology in order to increase financial inclusion, which is key to alleviating poverty. Stanbic understands that in the current economy and business environment our clients need to be able to transact with the least hurdles in order to be competitive and deliver on their business goals,” he said.

Mr Mudiwa reiterated the bank’s support for local businesses, SMEs and corporates alike, with its Business Connect Centre now rendering financial services to over 8,000 SMEs.

And MTN Zambia Chief Executive Officer Charles Molapisi applauded the partnership between MTN and Stanbic, which he said would provide guaranteed access to banking services to all customers.

“We are excited to be working on the new service with Stanbic, as remote access to banking can improve the ability of Zambians to use financial services even when they are unable to physically go to a financial institution,” said Mr Molapisi.

Stanbic is committed to providing excellent customer-centric innovative banking solutions such as its Private Banking Suite and Construction Banking solution.

“Today’s clients are seeking a more integrated banking service. As a leading financial institution, Stanbic endeavors to support our clients by delivering exceptional client experiences through knowledge-based banking solutions that add real value to their businesses,” said Mr Mudiwa.

With close to 60 years of operation in Zambia and a representation in 20 countries through the Standard Bank Group, Stanbic customers also stand to benefit from the bank’s advisory and wealth management capabilities.

Source: Langmead & Baker