Stanbic Bank responded to the need of many by introducing low cost transactional bank accounts with the launch of their TransactPlus account.
Clients opening such an account will have access to all transactional services, in particular by getting a Visa Debit card that they can use at all ATM?s and shops with point of sale terminals. Debit & stop orders and account payments can also be loaded. Clients will also be able to apply for loans. In terms of low cost, it is thought that the monthly fee of only P10 must make it the cheapest product of its kind available in Botswana.
The product is aimed at a very broad spectrum of the market, with there being no minimum income level criteria, etc. It is intended to appeal to as many potential clients as possible.
Head of Personal & Business Banking for Stanbic Bank, Andrew Barton, said that they have been amazed at the number of new accounts opened through their branches in the past two years or so and expected that this new product would entice even more clients to switch to this very low cost transactional product.
In recent years, Stanbic Bank has proved to be very innovative with its products, such as leading the way with low cost Rand home loans as well as their fixed rate loans for vehicles and property. With this new product, Stanbic Bank can also expect to do very well in gaining new clients. Internet banking is to be launched soon as well, with Stanbic Bank also investing in a major new branch currently being built at Game City.
At the same time as the launch of the TransactPlus bank account, Stanbic Bank was also marketing a new savings account, called PureSave. This account is intended to be strictly for those wanting to save and will be free of any monthly charges. Mr Barton confirmed that this new product is aimed at promoting a savings culture by being a very cheap account, but with very good interest rates.
Barton said: ?Banking in Botswana is very competitive and clients do switch their accounts between banks based on costs and service received. We really do think that by launching these very low cost but value for money products, we are indeed meeting the growing needs of the Botswana market. Much work has been done to ensure that these products offer as many features as possible, but at the lowest cost and we are now very proud to announce the launch.? Stanbic Bank is offering a P10, 000 prize for one lucky new TransactPlus account holder.