LUSAKA – Stanbic Bank Zambia has been voted the Best Bank in Zambia for 2018 by the Financial Times’ The Banker magazine for its industry-shaping strategic initiatives and outstanding financial performance.
The leading global banking industry publication cited Stanbic’s commitment to being an active partner to its clients and the nation, which it seamlessly blends with its ability to continuously innovate and enhance its products to meet the increasingly complex needs of the modern client.
“In the highly competitive Zambia country category, Stanbic Bank has emerged victorious. The judging panel reached this decision based on the lender’s outstanding financial performance, as well as its industry-shaping strategic initiatives,” said judges.
The award was the second major recognition for Stanbic this year. Earlier this year, the bank was named the Best Bank in Zambia by EMEA Finance, having vowed to reinvent the concept of banking and make it relevant to individuals in every aspect of their lives.
The Banker’s Bank of the Year Awards are presented to financial institutions from 140 countries judged to have delivered solid financial results while demonstrating prowess in developing new products, services and employing new technology in service delivery during a particular period.
Stanbic’s parent company, the Standard Bank Group, was awarded the Best Bank in Africa accolade in the Global and Regional Banks category.
The award also recognised that In May Stanbic became the first bank in Zambia to receive an insurance brokers licence from the Pensions and Insurance Authority (PIA).
The license enabled the bank to distribute a wide range of competitive insurance products from multiple underwriters in line with its wider bancassurance strategy.
Stanbic Bank Zambia chief executive, Leina Gabaraane said the bank’s goal was to conceptualise and launch products that created an environment for people to cultivate sustainable growth in their lives.
He said: “The goal is to develop products and services that will catalyse our clients’ growth while also helping them secure their investments and future by leveraging the vast opportunities created by the bank’s services to accomplish their business and personal goals.”
In May 2017, Stanbic launched its Anakazi Banking initiative. The award-winning programme is a banking service tailored to promote financial inclusion for women in Zambia – currently at 33 percent – while also providing support to female entrepreneurs in the country.
Under the service, businesswomen receive easier access to finance for their businesses as well as free entrepreneurship training and mentorship from sector experts as part of its goal to meet its clients’ broader financial services needs.
Further, to enhance its digitalisation strategy and support business growth, Stanbic has launched Enterprise Online, a web-based platform to make it easier for business to complete transactions.
Mr Gabaraane said: “Zambians are a very enterprising people. You can see this from their interactions and the large number of SMEs around the country. With the right support, entrepreneurship can contribute massively to reduction in unemployment and national development.
"As a bank, our role is to help eliminate some of the barriers that hinder entrepreneurship growth in Zambia. This is part of the reason why we made Entrepreneurship and supporting economic growth through investment part of our business strategy.”