Stanbic Bank Makes Digital Banking Easier With 25% Fee Reductions

Stanbic Bank Botswana, in line with the recommendations by Bank of Botswana (BoB), is committed to encouraging the use of digital banking channels to reduce movement of customers and promote extreme social distancing during Botswana’s COVID-19 lockdown period. The Bank will effect digital banking channel fee reductions of 25%, effective 3 April 2020 for three months. 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.

In addition, consistent with provisions of the Electronic Payments Services Regulations, 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.

Said Stanbic Bank Chief Executive, Mr. Samuel Minta, “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. The guidance of Bank of Botswana for all commercial banks to reduce charges for digital transactions comes at a crucial time.”

As an essential service as defined by Government, Stanbic Bank Botswana will continue to deliver banking solutions across the business.