- Stanbic sets up remote branches across zimbabwe.
- In partnership with ZLT, MTC, and Boost.
- USD and ZWL withdrawals.
The good news never stops coming from Stanbic after making headlines last week when they introduced USD cash withdrawals. They have done it once again by setting up nine remotely located branches at selected tobacco auction floors throughout zimbabwe.
Dubbed implants, these branches will enable tobacco farmers to easily access funds during the tobacco selling season following the decentralization of floors due to the covid 19 pandemic.
According to Stanbic banks director of corporate and investment banking (CIB) Betty Marambadoro, this development was a response to calls by its corporate customers to open implants in an area where there is a high concentration of farmers for ease of transacting.
She said the nine implants constructed in partnership with the bank’s tobacco clients are located at selected Zimbabwe Leaf Tobacco (ZLT), Mashonaland Tobacco Company (MTC), and BootAfrica(boost) branches in Mvurwi, Rusape, Marondera, Karoi, and Harare.
Speaking on the development, the bank’s head of Personal and Business Banking (PBB) Patson Mahachi said all interested farmers are to open tobacco farmers accounts at the bank’s selected implants.
“Plans are also underway to ensure that ATMs dispensing USD and ZWL will be made available at the implants to increase ease of access to cash for the farmers by the next tobacco selling season”. he said
The move by Stanbic bank will convenience tobacco farmers in terms of time, transport costs, and social distancing. However, not offering cash withdrawals can be a real turnoff because using electronic money can be a difficult task in remote areas of zimbabwe. The bank could have at least started by offering ZWL withdrawals before moving to USD.
All the implants will be operational by the beginning of the tobacco selling season late this month.