Stanbic escalates digital uptake
Stanbic Bank Botswana’s digitisation plans are gaining momentum, the company’s latest half year financial statements have revealed. “The bank has seen a move to self- service channels by most of our clients, a positive response to our digitisation journey. “This will drive the desired diversification from traditional banking products to digital and more inclusive solutions,” said Stanbic Chief Executive Officer, Chose Modise. Modise said the bank continues to engage, to understand clients’ needs, in its quest to remain relevant. “The result of the bank’s realignment has meant we had to be deliberate about diversifying away from reliance on traditional means of banking as well as how we harness our resources from our people to how we use our data and technology,” he said. Hinged to technology and data utilisation, Modise said the bank continue to partner with corporates and individuals to create business opportunities and support economic growth.
Despite the positive trajectory on the bank’s digital channels, the bank says it will remain vigilant on the uncertainties enveloping the local market.
Modise said the bank is alert that the gross domestic produce ( GDP) growth for 2022 is expected at 3.9 percent year on year, impacted by ease in domestic demand and that diamond production is expected to continue to post strong growth, assuming that the additional supply that is needed to substitute for probable low supply from Russia outweighs less spending on luxury items. Modise also highlighted that on the lookout will be the Russia- Ukraine conflict that continues to put pressure on fuel and food prices with inflation expected to remain at double digits by year end.
With the central bank expecting inflation to come within the objective range by third quarter of 2024, Modise said more belt tightening is looming.
“As a result, further monetary policy tightening is probable into 2023,” said Modise.