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Stanbic unveils one-minute online loan application

STANBIC Bank Zambia customers can now access instant pre-approved unsecured personal loans online, without having to visit a bank branch.

According to a statement, extra funds will be credited to the customer’s account within one minute of making the online application, as the bank dials up its digital financial offering.

“Stanbic has invested more than K730 million in technology over the last five years, providing customers with a superior customer service through continuous digital innovation,” the statement reads.

The new innovation, unveiled yesterday at the bank’s head office in Lusaka, is a first of its type in the country allowing online personal loan applications for those with existing approved facilities.

“Banking on the go is a must for today’s clients. This product allows customers to access loan facilities at their convenience,” Mwansa Mutati, Stanbic head of personal and business banking, said.

Stanbic has continued to be pioneer of a multitude of market-leading innovations in the financial sector as it shifts from traditional brick-and-mortar banking facilities to a digital marketplace, according to the statement.
“Remaining relevant to our customers means listening to their needs and staying ahead of the curve by giving them tools that allow them to function and perform at their best; that involves round-the-clock access to financial services including loans,” noted Mutati.

The digitised loan comes on the back of Stanbic’s recently introduced Smart Mahafu salary advance – which is interest-free if repaid within a month -developed to help customers with challenges to their short-term cash flow.
The redraw and Smart Mahafu products are tailored to individuals, providing customers with an extra cushion and liquidity on their personal accounts with the least possible hurdles.

“Our aim is to create value for our customers through innovations such as these, and in the process be able to make a difference in their lives. Beyond just banking we are firmly committed to the long-term Zambia’s growth,” said Mutati. “Our purpose as a bank is Zambia is our home, we drive her growth. To drive growth in the digital age, we need to be a digital bank.”

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