Standard Chartered Bank has redefined banking by launching the first and only salary advance, which allows employees from pre-approved companies to access an overdraft facility.
Speaking at the launch of the innovation, Michael Wiegand, Standard Chartered Bank acting Chief Executive Officer, Head of Consumer Banking Botswana and Cluster Head of Southern Africa, said Salary Advance will be extended to salaried customers from approved companies, and will enable them to access funds in advance of their salary pay date.
He said customers will be charged a single withdrawal fee of 2.25 percent of the amount advanced.
Wiegand stated that salary advance is tied to a customer’s current account, which comes with benefits and services such as free mobile banking, free online, free SMS alerts and also free unlimited ATM withdrawals from Standard Chartered ATMs.
He stated that the product will help their customers meet their short term emergency financial needs that may arise from time to time prior to pay day.
┬á“As the leading financial institution in Botswana, we are the ones leading the way in the provision of innovative financial solutions,” said Wiegand.
According to Wiegand, there is no annual, arrangement, limit, or renewable fee associated with this facility, and no interest will be charged if the salary is credited to repay the advance within 30 days. 
He said if the salary is not forthcoming after 30 days, interest will accrue at 2.25 percent per month. He stated the service is not micro lending service as it does not have charges. He stated that after initially signing up the service and being approved, the service is always available giving the customer instant access to the advance through any channel, branch, ATM, mobile, debit card or cheque. 
“We will provide customers with the best in-class solutions and our banking hours allow customers to do banking at their convenience,” said Wiegand.
Standard Chartered Bank Cluster head-Retail Products and New Business Southern Africa, Sandesh Hegde stated that the maximum amount limit is expected to be P10 000 for salary advance service. He said students are not catered for the service.
“We are targeting more than 300 000 customers we have countrywide and we are also mindful of the security needs to our customers hence we have the best fraud protection in Botswana,” said Hegde.
He also revealed that salary advance has been approved by the Central Bank, Bank of Botswana.
