Standard Bank Plc has launched a Digital Loan Top Up service, which will give repeating loan customers the convenience to borrow on-line.
The service is the first of its kind in Malawi, further cementing the bank’s legacy as pioneer of many banking offerings in the country.
Announcing the new offering, Acting Head of Personal and Business Banking (PBB), Charity Mughogho, said the new service signifies a new chapter in how modern banking should place convenience at the centre of service delivery.
“This is a significant milestone in delivering financial solutions that are relevant to our customers’ needs. Customers can access loans on their own if they use the bank’s digital platform, 247 Online. Alternatively, they can self-register on our website or call 247 for assistance. No paperwork or visiting the branch is required,” said Mughogho.
The loan top up, which Mughogho dubs as ‘Instant, Quick, Simplified and Paperless’, is typically done in under three minutes.
She further highlighted that currently, the self-service loan top-up is available to customers that have a good credit score and have no default record on previous loans.
“Customers with good transactional behavior stand to benefit more. For instance, those who use their account for regular transactions, with no record of dishonored cheques, and retain adequate deposit balances in the account among other things.”
The customers should also have timely repaid their monthly loan instalments on their revolving term loan for not less than 6 months.
Mughogho said she was confident that the new service will make an impact on livelihoods of customers and help them achieve their financial aspirations.
“Following successful trial runs, it is safe to say we have a product that will simplify our customer’s lives in a number of ways. We are confident that customers will get the value for the trust they invest in our products and services,” she said.
She further noted that the system infrastructure of Digital Loan top up has been developed immaculately such that it fully addresses issues of privacy and confidentiality for customers.
Mughogho disclosed that feedback from customers during the trial run has been predominantly positive.
Among other banking offerings that Standard Bank has pioneered in its 50 years of doing business in Malawi are, a Drive-In spot and auto teller machines (ATM).
