Standard Bank Plc has launched a digital loan top-up service, which will give recurring loan customers the ability to borrow online.
The service is the first of its kind in Malawi, further strengthening the bank’s legacy as a pioneer of many banking offerings in the country.
Announcing the new offering, Charity Mughogho, Acting Head of Personal and Business Banking (PBB), said the new service signifies a new chapter in how modern banking should put convenience at the center of delivery. Services.
“This is an important step in providing financial solutions tailored to the needs of our clients. Customers can access loans on their own if they use the bank’s digital platform, 247 Online. They can also register themselves on our website or call 247 for assistance. No paperwork or branch visit is required, ”Mughogho said.
The loan top-up, which Mughogho calls “ instant, fast, simplified and paperless ”, is usually done in less than three minutes.
She further pointed out that currently, the Self-Service Loan Supplement is available to customers who have a good credit rating and who have no history of default on past loans.
“Customers with good transactional behavior will benefit more. For example, those who use their account for regular transactions, without recording bad checks, and maintaining adequate deposit balances in the account, among others. “
Customers should also have timely repaid their monthly loan payments on their revolving term loan for at least 6 months.
Mughogho said she is confident the new service will impact clients’ livelihoods and help them achieve their financial aspirations.
“After successful trials it is safe to say that we have a product that will make our customers’ lives easier in many ways. We are confident that customers will benefit from the confidence they invest in our products and services, ”she said.
She further noted that the infrastructure of the digital loan top-up system has been impeccably developed to fully address privacy and confidentiality issues for clients.
Mughogho revealed that customer feedback during the trial was mostly positive.
Other banking offerings that Standard Bank has launched in its 50 years of operation in Malawi are a Drive-In spot and automated teller machines (ATM).