Stanbic Bank Promotes Financial Health
Staff Writer | Monday July 29, 2019 12:41
This sentiment comes as the bank drives an awareness campaign for its personal loan solution, with a firm stance on making financial decisions that always contribute to long-term financial health of the user.
According to Stanbic Bank Botswana head of products, Wabo Moswate, responsible lending by financial services providers is crucial. “We are proud to be a financial services partner that is a true partner of growth for our customers and our nation,” said Moswate.
“Our personal loans, as with all of our solutions, have been designed to provide funds for customers to finance what matters most to them.”
Moswate said their personal loans look to aid individuals in financing activities that build long-term value and possible wealth for themselves, including investing in one’s own or their children’s education, purchasing of land or a plot.
“That can one day in the future be transformed into a home to house one’s family or can be leased out for rental income, initial capital to start a business that can generate positive economic returns in future,” he said.
This falls into what Moswate notes constitute good debt, as it contributes towards adding value to one’s life and one’s financial health in the long term, and indeed sees value creation in the long term.
He further said a loan solution should not be used for activities that do not result in any value generation, something that he terms as bad debt.
“Taking a loan to go on vacation, finance a big wedding event, buying expensive clothes and any other activity that does not generate any return. This forms a key impetus behind the campaign, encouraging responsible lending and responsible consumption through advisory and financial literacy,” he said.
Stanbic Bank Botswana personal loan offers competitive pricing with a loan limit of up to P500,000 and a loan tenure increased to 72 months.
“We are not simply about growing our bottom line; rather, it is about relevant support, and responsible lending. Financial literacy and financial inclusion are central to this dialogue, as how we provide and spend funds wisely is a national imperative towards greater financial prosperity,” said Moswate.