7th April 2020
Own Correspondent
GABORONE – Stanbic Bank Botswana, will effect digital banking channel fee reductions of 25%, effective 3 April 2020 for three months to encourage the use of digital banking channels to reduce movement of customers and promote extreme social distancing during Botswana’s COVID-19 lockdown period.
This further supports the 3-month repayment holiday announced by Stanbic Bank with a view towards alleviating the strain on customers during this challenging time.
The reduction will see lowered rates for all digital banking channels including Online Banking, Cellphone Banking, Stanbic Bank App, Enterprise Online Banking and Business Online. We encourage customers to use our digital banking channels, whether this be from a personal or business perspective, replacing the need to visit a branch and drive reduction in overall cash handling.
The limits for Instant Money transactions have been revised as follows, and will take effect 8 April 2020, until further notice:
maximum single transaction, from P4 000;
- maximum daily transaction, from P4 000 to P10 000; and
- maximum monthly aggregate is P30 000.
Samuel Minta, Stanbic Bank Chief Executive, said, “As Stanbic Bank, we promote and encourage the use of digital payment platforms and channels for purposes of financial and economic inclusion. With the impact we are seeing from COVID-19, we need to reduce the movement of people in public spaces, in our branches, and indeed all drive reduction in overall cash handling.”
He said, “The guidance of Bank of Botswana for all commercial banks to reduce charges for digital transactions comes at a crucial time.”
Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).
The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres and has more than 1 100 branches and 9 000 ATMs in Africa.
Stanbic Bank Botswana currently employs over 600 members of staff and has a National footprint comprising 13 branches. Six branches are located within Gaborone, with representation in Francistown, Maun, Mogoditshane, Palapye, Selebi Phikwe, Kazungula and Letlhakane.
