Stanbic Bank steps up efforts to support SMEs

ultra-thin mobile banking smart SIM
ultra-thin mobile banking smart SIM

Stanbic Bank has unveiled a range of financial services to support SMEs in adapting to changing business landscape.

The new range of services will help enterprises grow and contribute to the Zambian economy.

According to a statement by Stanbic bank, the SME Banking range of services would enable customers to access Business Banking Online, Business Coupon Insurance and VAF Express (Vehicle and Asset Finance).

The services collectively offer enterprises with convenient and accessible banking, access to assets as well as insurance. The bank moved to provide the services in response to the dynamic business environment where enterprises were in need of services that improved their efficiency, operations and participation in the Zambian economy.

“Tamanga Online is simply a web based electronic banking platform that gives customers a full suite of self service capabilities covering domestic payments. Not only does it free up time to focus on the bottom line, it balances the cost and ease of access to online banking for SMEs,” said Theresa Banda, Head of SME Banking.

“Having 24 hour access to banking services on a secure platform, Business Banking Online offers reduced banking costs.”

Stanbic also points out that the Zambian economy can only truly diversify its sectors once financial services are extended to enterprises involved in nation-building areas such as agriculture, manufacturing, transport and construction.

Part of the statement reads, “once small and medium enterprises (SMEs) are supported to grow in these sectors, they have the potential to create employment as well as contribute to the economy through revenue collection by the Zambian government”.

Speaking in Lusaka at the unveiling of a new range of financial solutions for SMEs, Stanbic Bank Chief Executive Mr. Charles Mudiwa said the private sector has immense potential to help diversify the Zambian economy and this can be done through empowerment of SMEs to participate in alternative sectors that present economic growth opportunities.

“Stanbic Bank has invested significantly into the SME sector to address some of the challenges. Some may recall a few years back when we rolled out the SME Tamanga offering aimed at providing quick and easy access to working capital finance. We disbursed over K60 million in SME Loans and supported over 8,000 businesses in total,” Mudiwa noted.

Other features launched on the market are the Business Coupon Insurance which covers businesses from loss of or accidental damage or theft to property while at the insured premises. This insurance covers all plant, machinery, furniture, computer and electronic equipment, glass and all other content, money, stock and material in trade.

Stanbic customers will also benefit from the VAF Express – Vehicle and Asset Facility which provides short term and medium term funding to finance the purchase of moveable assets such as Light Trucks, Lorries, Heavy Duty Trucks, manufacturing equipment and Value Adding machinery for businesses. Second hand Light Trucks, Lorries and Heavy duty trucks can now also be financed under this service.