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Stanbic Bank’s ‘mobycash’ wins global finance award for innovation

BY: Daily Graphic
Mr Ben Mensah
Mr Ben Mensah

Stanbic Bank Ghana’s ‘MobyCash’, a market leading innovation which provides clients with secure and convenient on-location cash management, has been recognised as the most innovative digital product in the Cash Management sector by the Global Finance magazine.

The magazine made the announcement on May 16, this year, in its top innovators publication for 2019.

‘MobyCash’

The Stanbic Bank ‘MobyCash’ solution is a mobile cash deposit app for capturing and transmitting financial transactions together with corresponding deposit slips and real-time notifications to customers.

The App serves the need of SMEs in market locations via a mobile POS application to secure bank cash thereby providing real time value for working capital.

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The ‘MobyCash’ solution also offers real time agency banking at bank agent locations.

Value addition

The Executive Sponsor for Digitisation at Stanbic Bank Ghana and the West Africa Head of Wealth at Standard Bank, Mr Ben Mensah, explained that the ‘MobyCash’ solution was a product of a careful study and a deep understanding of the needs and workings of the market.

“Prior to the deployment of ‘MobyCash’, customers will only get value for cash deposits at the close of business day, when the cash pick vans return to the cash processing centre.

This was clearly ineffective and not value adding for clients; hence, the development of this innovative solution,” Mr Mensah said.

The quality of the ‘MobyCash’ innovation has been validated by the publisher and editorial director of the Global Finance magazine, Mr Joseph D. Giarraputo.

According to him, “the financial institutions winning Global Finance’s The Innovators 2019 honours excel in breaking down silos to unleash creative thinking.

Best of all, they have shown how to channel creativity into valuable products and solutions.”

About Global finance

Global Finance, founded in 1987, has a circulation of 50,050 and readers in 188 countries.

Its circulation is audited by BPA. Global Finance’s audience includes chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.

The publication is the seventh annual awards recognising entities that regularly identify new paths and design new tools in finance.

The 2019 Innovators honorees will be recognised at the Global Finance Digital Banks Awards Dinner on October 30 at the Sheraton Hong Kong.