Stanbic Bank Botswana has launched a digital lending solution which allows its salaried customers to apply online for loans, within pre-approved credit limits, and receive the funds immediately.
In a statement last Tuesday, bank officials said the innovation, known as Toro Loan, was a first for Botswana and part of moving towards a more digitised future as banking trends and customer needs demand greater agility and innovation.
Digital lending works the same way as a traditional lending approach, but with more convenience, the officials said.
Existing Stanbic clients with active salary accounts will have access to the Toro Loan offer and they can decide if they want to proceed. By selecting their preferred amount within the pre-approved limit range, costs will be calculated, and Ts & Cs shared for signing with a One Time Password. Funds are then disbursed into their accounts immediately.
Stanbic’s acting Head of Business and Commercial Banking, Portia Motshegare, said the bank’s vision was to create value for its clients and the communities it serves by providing access to digital, financial and related solutions that support sustainable growth.
