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Business Report

STANBIC Bank plans to discontinue physical operations at its Hwange and Westgate branches with effect from 31 December 2020 as it embraces digital banking solutions.

This move follows a similar closure of Chitungwiza and Beitbridge branches last year. The two pending closures will leave the Standard Bank group subsidiary with 15 branches countrywide, down from 19 last year. The bank has advised depositors of the move and has assured them of continued access to all services on the digital banking platforms.

Stanbic Bank head of personal and business banking, Mr Patson Mahatchi, said the branch closures will not affect the banking needs of existing and potential clients as they will be adequately catered for at other branches and the various digital platforms available.

He said customer accounts being maintained at Hwange and Westgate (Harare) branches will be automatically transferred to Victoria Falls and Belgravia branches respectively.

“Our customers can still access self-service digital channels and in-branch services at any of our remaining 15 branches country-wide. We always have our clients’ needs at heart and this digitization exercise will benefit them significantly,” said Mr Mahatchi.

He said the digitisation drive was already work in progress but was being accelerated by the “new normal” brought in by the Covid-19, which has necessitated social distancing and use of innovative technological banking solutions.

“As a bank we have to keep our finger on the pulse of innovation and technological advancement,” said Mr Mahatchi.

“Stanbic Bank’s digitization exercise is in line with world-wide technological advancement trends within the financial and non-financial institutions aimed at enhancing ease of banking to its customers.”

As part of the digitization strategy Stanbic Bank has already launched contactless debit cards and POS machines, becoming the first financial services institution to introduce the secure innovative technology onto the Zimbabwean market. The bank also stepped up functionality of FCAs on its digital banking platforms in addition to launching a technologically advanced application, which allows account holders to pay bills and make in-store purchases on their phone using QR code scanning technology called SlydePay.

“All these products are part of a well thought out digitization strategy, which offers convenience to customers and ensures that clients are beneficiaries of quality banking technologies,” said Mr Mahatchi.