Friday, September 25, 2020

StanChart pulls out the ‘super woman card’ in retail business race

Standard Chartered Bank of Botswana (SCBB), set the pace Friday by being the first bank in the country to target the highest spending segment of the society by introducing the Diva account as the sector’s competition narrows towards consumer banking.

The Diva account ÔÇô exclusively for women ÔÇô comes with a range of tempting discount offers, such as beauty saloon, telecommunications, shopping, restaurants, property development, hotel accommodation, medical rescue, gardening, motor spares parts and small businesses all coming with club account and a pink cheque books.

Connelious Ramatlhakwana, head of consumer banking, praised the move as revolutionary as it will give the women the freedom.

“We have done a study and realized that divas are wealthy individuals,” he said, adding that thus why they came up with special discounts on their account.
Women’s loans will now onwards attract a three percent less interest compared to the ordinary loan.

The move is likely to push down the cost of credit down if other banks were to try to retaliate in the cut throat market.

This is the second move by the bank in less than a month by Ramatlhakwana’s division to try to capture the retail market. Recently, he launched the first Standard Chartered credit card in the country which came out with a range of benefits as wellÔÇöincluding funeral cover, air travel insurance and discounts in some high street shops of Gaborone.

Braclays Bank of Botswana also said that it is considering unveiling a number of raft measures which will be in line with what First National Bank of Botswana is already doing. This will be targeted at cell phone banking and internet banking to try to make the ivy customers at easy.

But Standard Chartered Bank seems to have shifted its emphasis from what is likely to be the main focus of other banks- namely the mortgage business which is currently enjoying a boom across the country.

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