STANBIC Bank has launched a low-cost transactional account to benefit low-income earners, who include university students, informal and sole traders.
The financial institution said the initiative was in line with the central bank’s national financial inclusion strategy (NFIS).
NFIS seeks to address barriers to financial inclusion, prioritise and address the needs of special target groups that are currently underserved, through the implementation of key priority measures that would facilitate the building of robust financial infrastructure, with the view to reducing the level of financial exclusion.
“Stanbic Bank has launched a new low-cost transactional account set to benefit most unbanked individuals, including university students and sole traders as the institution complements the Reserve Bank of Zimbabwe (RBZ)’s focus on financial inclusion,” said Stanbic Bank’s head of personal and business banking, Patson Mahatchi
The account has low costs and stress-free know-your-consumer process than other banks which need to verify their clients first before engaging into any business.
“The account is aptly named BluEase, depicting the level in which it is easy to open without the usual know-your-customer (KYC) process, which banks and financial institutions use to verify the identities of existing and potential clients and before establishing business relationships.
“BluEase is a low-cost and low KYC card account for which customers only require their identity document to open,” Mahatchi said.
Creating a platform for banks to be able to make products that meet consumer needs, BluEase also presents a “platform for the bank to achieve its sustainability goals which include customer-centricity and tailoring products based on customer needs,” he added.
Clients will be able to access a debit card, in addition to a variety of digital banking platforms such as mobile banking, online banking, and EcoCash to wallet transactions.