Stanbic ponders branch network expansion

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STANBIC Zambia says plans to expand its branch network in selected areas are being considered.
And Stanbic Zambia says the small to medium entrepreneurial (SME) market continues to be the engine of the economy.
In an interview, Stanbic Zambia head of marketing and communications, Kamiza Chikula, said considerations were being made to expand the bank’s presence in selected areas in view of the country’s growing demand for financial services.
“Yes we have sent people on the ground to do an assessment of the potential that exists in certain areas, which is then routed to head office. I cannot give a time frame by virtue of this being work in progress regarding the expansion programme, but there is always a branch or two that is planned for each and every year we are in operation,” Chikula said.
Chikula said feasibility studies were continuously being conducted in selected areas to ascertain the suitability of establishing branches.
“With specific areas, it is based on feasibility studies first to ascertain the bankable population that is within that given area. It is after this feasibility study is undertaken, that steps are then taken to be able to rent premises in some instances or entails constructing a branch all the way up,” he said.
And while he could not confirm which specific areas in the country the feasibility studies have so far been conducted, he pointed out that the SME market continues to be the major priority for the bank to tap into.
“We have realised more recently that the SME market is quite literally the engine of the economy, and wherever there is business to be transacted it would be fantastic to be able to expand. But obviously, the parameters that guide us being able to do that are capitalisation,” he said.
Meanwhile, he also confirmed that the bank will soon be making an announcement on progress made pertaining to the interconnectivity deal signed with MTN Zambia last month.
“Both sets of teams on the technical front have been working together and we will soon be making an announcement with regard to developments and progress made. I think we are seeing the transition of physical brick and mortar branches to the ability to be able to transact using whatever mobile device is available,” said Chikula.

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