HomeBusiness DigestStanbic launches product for SMEs

Stanbic launches product for SMEs

STANBIC Bank Zimbabwe has introduced an innovative facility for Small to Medium Enterprises (SMEs) called Biz-Grow Transact Plus Account.

Staff Writer

The facility is unique in that it has a Business Debit Card as well as lower banking charges compared to ordinary corporate accounts.

Stanbic Bank Zimbabwe chief executive, Josh Tapambgwa said the Biz-Grow Transact Plus account is transactional and is meant to facilitate the growth of SMEs.

“The Biz-Grow Account is designed not only to grow an SME business but offers competitive bank charges to the small and medium enterprise business. Its key features include an opening balance of US$20, monthly service fees of US$10 and it comes with a Business Debit Card,” said Tapambgwa.

The Biz-Grow account comes hot on the heels of another customer-oriented savings account aimed at cushioning depositors from the prevailing economic environment.

The Stanbic Plus Plan Savings Account is for existing and potential personal account holders and minors represented by parents or guardians.

One of the key features of the account is that it has no monthly service fee charges while it has a minimum balance of US$100 with interest earned on amounts above this limit.

Tapambgwa said: “Customers will be allowed to build up towards the minimum balance adding that interest will be paid on the monthly minimum balance above the US$100.

“This product has been designed with the customer in mind, bearing in mind that our economic environment does not promote a savings culture.

“We want to ensure that customers see the value of saving and the interest earned on amounts above the minimum balance are in line with this objective.”

The Stanbic Plus Plan Savings Account limits withdrawals to one every two months to ensure that interests on the deposits accrue at a significant rate.

There will be no ATM cards issued against the personal savings account.

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