As the country looks to phase out cheques by the end of the year, Stanbic Bank Botswana has launched a prepaid card which allows individuals, businesses and corporates to make payments without a bank account.
BW TechZone caught up with the bank's head of personal and private banking, Portia Motshegare, to get more information about the product.
Please tell our audience more about Stanbic Bank’s Prepaid Card offering
The Prepaid Card is designed to offer our clients a convenient and secure alternative to traditional payment methods, yet without the hassle or security concern of cash. The card is a reloadable payment instrument that enables cardholders to load funds onto the card in advance which can then be utilised through Point of Sale (PoS) transactions, bill payments, ATM Cash Withdrawals and Online payments. Only the value of funds loaded can be used, without any credit. The prepaid card provides flexibility and enhanced financial control aspects which matter to customers and can be useful for people traveling for work, for example, as a simple expense management solution. The card is available to both Individuals and Business clients.
What was the motivation behind building and launching the product?
As cheques are being decommissioned in Botswana by 31 December 2023, there was a need to proactively solve for customers who are currently being issued cheques. Prepaid cards offer a convenient alternative to carrying cash and allow individuals to have better control over their spending as cardholders can load a specific amount of money and only get to spend what is available, helping them set a budget and avoid overspending.
Prepaid cards further help bring financial services to individuals who may not have access to traditional banking systems. This card is issued to individuals without a bank account which helps these cardholders with a means to make financial transactions.
How will the card foster convenience for an individual Motswana, business and corporate?
The prepaid card offers convenience to individuals as they will be able to perform their everyday transactions with ease through different channels such as POS, ATM cash withdrawals and e-commerce purchases. The Card is inclusive, safe, secure, simple and an easy way to give clients greater control over their financial affairs.
As cheques are being phased out by the end of December 2023, the Stanbic Bank Prepaid card will help Business and Corporate clients empower their employees with a secure and convenient way to make purchases, whether it’s for business-related expenses or for employee incentives. This will eliminate the need for employees to use personal funds, thus also improving morale and reducing the administration hassle of reimbursing these employees. For businesses that have international operations or engage in cross-border transactions, the prepaid card will be a convenient option.
The use of prepaid cards will allow business and corporate clients to better track and analyse spending patterns. This data can be used for budgeting purposes, forecasting future expenses and identifying potential cost-saving opportunities.
Please outline the charges associated with the card
For all charges associated with the card, please find the table below:
There are already numerous card products in the market, albeit offered by non-banks. How does Stanbic plan to traverse through this competitive landscape?
There are two key things to consider here:
Customer-Centric Approach: Stanbic Bank places great emphasis on understanding customer needs and providing tailored solutions by leveraging data analytics and customer insights, Stanbic Bank aims to deliver exceptional customer experiences and build long-term relationships. Customers have hinted that they need a solution for control and monthly expense, and this card serves to address exactly that need. We believe the prepaid card solves for this.
Product Diversification: To differentiate ourselves from the market it is important that as a bank we constantly expand on our product portfolio to offer a wide range of banking services, including retail banking, corporate banking, wealth management, and investment solutions, catering to diverse customer segments. This solution is not only intended for the individual customer but also for the corporate client, a first of many. It is simple, effective and easy to use.
What other aspects of the card would you like to share with our readers?
There are a number of key features and benefits:
- The card is reloadable i.e., funds can be easily transferred onto the card from a system portal or over the counter.
- Cardholders have the ability to perform various transactions such as online payments, in-store purchases (POS), bill payments, and ATM cash withdrawals.
- The card can transact both domestically and internationally.
- Our Prepaid card offers enhanced security compared to carrying cash. If the card is lost or stolen, it can be easily deactivated or replaced, preventing unauthorised use. It is also 3D secure which makes it safe for cardholders to do online shopping. The transactions will be authenticated through a one-time password (OTP) which is sent to the cardholders through their registered mobile number or email address at the time of the purchase.
- The prepaid card has a minimum balance of P0 and a maximum of P350,000.
- Cardholders have the flexibility of loading funds into their cards over the counter by visiting our branches or transferring funds to their cards through electronic funds transfer (EFT)
- Business and Corporate Clients have access to a customized self-service portal they can use to fund various cards.
What other products are in the pipeline to facilitate convenience for Batswana individuals and businesses?
Our products and services are all designed with the customer and client at heart, and all with a desire to ensure practical ease of use, inclusion, and state-of-the-art security. A great example of this further to the prepaid card is that of Unayo, which is a platform designed to connect individuals and businesses, including the unbanked.
All individuals and businesses can get the product as it offers an easy self-sign-up with simple KYC requirements that are submitted from the comfort of one’s mobile phone, allowing people to transact on the go with ease. Clients do not have to own a bank account when seeking Unayo product, and this is just one of the means through which we bring products and services designed to be more inclusive.
Anything else you would like to add
We remain committed to delivering on our purpose, Botswana is our home, we drive her growth. This is just one more solution we believe supports that journey, whilst enhancing customer experience.