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Stanbic Bank Supports Savings Groups

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Stanbic Bank supports savings groups
CUSTOMER CARE: Chijoro

Stanbic Bank Botswana embraces and empowers members of the community through sustainable financial solutions.

The Bank shared this upon launching the new Matshelo Savings Account, which aims to provide safe and reliable banking platforms for those whose mandate it is to save in groups and, in the process, make profits.

The Bank, in its continued effort to move Batswana forward, has developed the niche solution to mitigate the risks that come with the improper placement of group savings.

A challenge often lies for both formal and informal society groups in making use of unsecure banking facilities; group savers often opt to keep physical cash or held within the account of a nominated individual.

These means of stowing their funds pose a danger in that the individuals and groups are then increasingly susceptible to fraud and misplacement of funds.

“Our focus is to find simplified methods that meet the financial needs of every individual. We want to help them thrive financially in their specialised areas of interest. Society groups or schemes are a key part of this, a strong component in our cultural construct and thus a key niche we need to cater for, thus, the Matshelo Savings Account is being introduced. This comes as a solution to address poor financial security that societies have faced over the years. As a bank, we want to change this, we want to provide the infrastructure and platforms to make a difference,” said Calistas Chijoro, Head of Customer Channels at Stanbic Bank Botswana,

The Matshelo Savings Account caters for both formal and informal groups and is ideal for those that want to save together for a common goal. Product Benefits include no management fees, free SMS alerts for up to 5 members of the group and free e-statements.

Amongst the many benefits of the account are value adds which serve to enhance the convenience of the members.

“We are excited about the Matshelo Savings Account, as we are committed to developing solutions that wield a positive, material impact on our customers and really speak to their needs. Thus, we take the need to drive solutions rather than products incredibly seriously. The Matshelo Savings Account offers great value and great interest rates for our local societies such as burial schemes, grocery schemes, school fees and travel expenses schemes. We are encouraged to be at the pinnacle of sustainable development and growth of these schemes as they advance in their appreciation of better banking solutions. The Matshelo Savings Account is a product for Batswana; a legacy, and one that will last throughout generations, because at Stanbic Bank we continue to move our generations and our communities forward,” concluded Chijoro.