Stanbic Bank has launched a new low-cost transactional account set to benefit most unbanked individuals including university students and sole traders as the institution complements the Reserve Bank of Zimbabwe (RBZ)’s focus on financial inclusion.
The account is aptly named BluEase, depicting the level in which it is easy to open without the usual Know Your Customer (KYC) process, which banks and financial institutions use to verify the identities of existing and potential clients before establishing business relationships.
Stanbic Bank’s Head of Personal and Business Banking, Patson Mahatchi, said that BluEase is a low-cost and low KYC card account for which customers only require their ID to open.
Mahatchi said in addition to complementing the focus on financial inclusion, BluEase also presents a platform for the bank to achieve its sustainability goals which include customer-centricity and tailoring products based on customer needs.
“BlueEase seeks to complement the Regulator’s five-year road map of coordinated actions that will be followed to achieve the country’s financial inclusion objectives,” he explained.
KYC rendered many individuals such as university students, informal and sole traders “unbankable” as they faced challenges meeting some account opening requirements such as proof of income, therefore, failed to attain essential financial services.
Groups such as low-income households, Youths, Small Holder Farmers, those in rural areas, among many others, stand to benefit from products such as the BluEase account.
Mahatchi said Stanbic Bank launched this product with these groups of people in mind especially as this was in conformity to the National Financial Inclusion Strategy (NFIS).
The NFIS seeks to address barriers to financial inclusion, prioritize and address the needs of special target groups that are currently under served, through the implementation of key priority measures that will facilitate the building of robust financial infrastructure with the view to reducing the level of financial exclusion.
BluEase clients will enjoy low transacting costs and a debit card in addition to a variety of digital banking platforms such as Mobile Banking, Online Banking, and Ecocash Bank to wallet.
“Stanbic Bank is determined to play its part in ensuring that all Zimbabweans get access to essential financial services and that the Central Bank targets of increasing the overall level of access to formal financial services within the country from 69 percent in 2014 to at least 90 percent by 2020 are met.” added Mahatchi.