Stanbic committed to branchless banking

Stanbic Bank Ghana is expanding its banking services across the country, rolling on the back of cutting edge technology to deliver quick, secure and convenient banking.  
Christened the ‘Workplace Banking’, the service involves Stanbic Bank arranging with corporate bodies and institutions and visiting their premises to serve their employees as a group.

Currently, the bank has deployed over 60 personnel equipped with iPads, who move from one workplace to another on arranged days to open accounts, process loans and dispense any non-cash banking services at the premises of the clients.

Officials of the bank said the innovation, the first of its kind in the country, would enable employees of the institutions to use their group advantage to mitigate their risk profile, hence, access services at cheaper costs, including lower interest rates.

“This is a typical branchless banking using technology. With the iPad to open accounts, the process becomes paperless, quick, efficient and convenient for the customer. It ensures full banking services at door step of the customer,” the Head of Personal and Business Banking at Stanbic Ghana, Nana Dwemoh Benneh, told a section of journalists in Accra.

He explained that the service goes to selected workplaces at arranged dates to take care of banking needs, adding that, since the employees were considered as a group, they cross mitigate risks, making for cheaper borrowing.

Nana Benneh said the initiative would enhance financial inclusion as it would take off the fear factor of a segment of the public that may perceive banking as a preserve of only certain personalities.

The head of personal and business banking explained that the initiative was piloted for three months before being rolled out at all Stanbic operational areas.

The Marketing and Corporate Affairs Manager of Stanbic, Mr Mawuko Afadzinu, said the usual Stanbic quality service would not be compromised with the branchless banking.

He said the service was also customised to meet the needs of the customers and organisations.

The marketing and public affairs manager said a cash mobile van would arrive by the end of the year to support the workplace banking and cash transactions to ensure access to the full banking services in one location.

Mr Afadzinu said since the initiative helped to cut cost, the bank could pass on the benefit to the customer in the form of cheaper cost of services and borrowing rate.

The Stanbic branchless banking comes in the wake of a successful completion of a deposit mobilisation drive dubbed “Switch”.

The bank exceeded its target of attracting a minimum of 17,900 new customers to the bank, with a remarkable 17,400 customers, who have switched their salaried accounts to the bank.

By Samuel Doe Ablordeppey/Daily Graphic/Ghana