The express purpose of Stanbic’snewly launched Matshelo account is to address poor financial security that group schemes have faced over the years, says Head of Customer Channels Calistus Chijoro.The account target-clients are society groups and schemes.
Chijoro said as a bank they strive at all times to try and provide infrastructure and platforms that make a difference in people’s lives. So in its quest to move forward the bank resolved to offer a solution to mitigate the risks that come with the improper placement of group savings. Chijoro explained that the challenge in group savings is that for both formal and informal societies, there is use of unsecure banking facilities.
He said that group savers often opt to keep physical cash or keep their savings within the account of a nominated individual. These pose a danger to both the individual and groups and increasingly make them susceptible to fraud and misplacement of the funds.
“We are committed to yielding positive results to our customers and really speaking to their needs, therefore we need to drive solutions instead of products.
We are encouraged that this product is a Botswana product, a legacy that will last throughout generations” said Chijoro. The account is mainly for a group of individuals who want to save for a common goal. Some of its benefits include absence of management fees and free e-statements to members.