Stanbic Zambia’s Focus On Digital Innovation, CSR, Acknowledged Through Global Awards
Stanbic Bank Zambia‘s Focus On Digital Innovation, CSR, Acknowledged Through Global Award Focus On Digital Innovation, CSR, Acknowledged Through Global Awards.
Digital banking has rapidly grown in the Zambian economy, as consumers’ uptake of services continues to challenge traditional channels.
Stanbic, the first Bank in Zambia to launch a digital loan solution to support this trend, has since disbursed K1 billion to its customers, helping the Bank win the Excellence in Innovation 2023 Award for its Digital Loans product offering at the recent 2023 Global Banking & Finance awards.
Since 2011, the Global Banking & Finance Awards have honoured companies that stand out in particular areas of expertise in the banking and finance industry, showcasing an organisation’s growth and success.
The Global Banking & Finance Awards recognise the innovation, enterprise, method, progressive and influential transformations that transpire every year within the global finance community.
The value of innovation
According to the Bank’s data, Stanbic’s popular Digital Loans product, launched in 2020 has rapidly grown to attract 7,000 customers, who have since accessed K1 billion in loans. Stanbic has been the market leader in providing digital loans, as the Bank was the first and remains the only bank offering this solution in the market.
The Stanbic Digital Loan solution enables customers to access up to K500,000 in just three minutes. With the rapid advancements in the banking industry and as part of its digitisation journey, Stanbic has taken a proactive approach to shorten the process of granting loans to customers, with the aim of enhancing the bank’s competitiveness and reach. This has given back more time to the customer to focus on what is important to them.
Growth remains a key strategic imperative
Stanbic scooped the award for the Fastest Growing Bank award for its Consumer Loans. This is an important award for the Bank, especially in an era where the credit market in Zambia is competitive amid high-interest rates, Stanbic continues to be the market leader in helping to provide low-interest consumer loans across a diversified portfolio thereby contributing towards broader economic growth.
Education is a critical focus for Zambia
Stanbic was also awarded the Best Finance Education & Training Zambia 2023 award in recognition of its Financial Fitness Academy, Stanbic’s initiative to educate corporates, communities, youth and people with special needs. The Academies are distinctive in the Zambian market and are aligned with the Government of the day, as well as in countries across the globe.
Paying it forward
Finally, the Bank also received an award for the Best CSR Initiatives Zambia 2023, further showcasing the pioneering banking innovation and community support provided by the Bank. Stanbic’s work in this field includes landmark projects, such as the “Let’s Secure the Zambezi” initiative, which is aimed at replanting trees at the river source that were previously depleted due to human encroachment.
Commenting on the latest awards, Stanbic Chief Executive, Mr Mwindwa Siakalima (pictured), hailed the Bank’s achievements, saying the accolades were an important milestone in the Bank’s quest to provide world-class digital banking services while maintaining its focus on doing good in the communities it serves.
“We are thrilled to be recognised for excellence across the four categories in these prestigious awards. The results we have achieved in the last year are a testament to our continued resolve to be the best digital bank for providing innovative solutions to the market. Our Digital Loan offering allows individuals and SMEs access to pre–approved loans easily and securely from any Internet–enabled device in just three minutes, removing the need for lengthy application forms and in-branch visits,” says Mr Siakalima.
Global Banking and Finance Review editor, Wanda Rich commented, “Stanbic Bank has demonstrated a strong commitment to creating positive, sustainable change in Zambia. Their numerous Corporate Social Responsibility initiatives help contribute to Zambia’s own transitioning journey towards a more sustainable future. Their dedication to making a positive impact in delivering sustainable social, economic, and environmental value, strategic vision, and continued investment in technology and product innovation is what made them a standout winner this year.”
Source: Stanbic Bank
