Stanbic strives to contribute to economic growth

TRYNESS MBALE, Lusaka
IN A bid to contribute to economic growth, Stanbic Bank Zambia has disbursed over K25 million to small and medium entrepreneurs (SMEs) in various sectors this year.
Stanbic Bank chief executive officer for east and southern Africa Zweli Munyati said the bank realises that the SMEs sector is important to every growing economy hence directing its financial support to them.
Mr Munyama said, at the launch of the bank’s four credit cards and offshore service on Monday, that Stanbic will continue to support Government by investing in priority sectors that can create jobs and wealth.
“Zambian market is important to Standard Bank Group [which is parent company of Stanbic]. We have seen the potential that this market has to offer and we will continue to invest in it. In Zambia alone, we have invested over K25 million in our SMEs clients through loans, vehicle and assets [in] 2015 [to date],” he said.
Earlier, Stanbic Bank Zambia chief executive officer Charles Mudiwa said the four credit cards categorised as silver, gold, platinum and credit cards are designed to meet different needs based on lifestyle for personal customers and corporate clients.
Mr Mudiwa said the cards are designed to save its customers time, money and enable customers to focus on the demands of their busy work schedules.
He also said the bank has launched an offshore banking partnership after Stanbic Zambia partnered with its colleagues from the head office in South Africa to provide a range of offshore services for personal, professional and corporate clients including banking and corporate services.
Commenting on the launch of the credit cards, Bank of Zambia deputy governor for operations Bwalya Ng’andu said the initiative will provide a level of convenience, which the central bank has been working on, to promote the introduction of various means of transacting without cash.
“I think cash is not the best way to transact and is not the safest. So any product such as the one Stanbic has launched which will allow the public transact without carrying cash is welcome by the central bank…which we have been working on over the past few years,” Dr Ng’andu said.