Stanbic Bank set debuts new bulk note acceptors targeting SMEs

07Nov 2019
Correspondent
Dar es Salaam
The Guardian
Stanbic Bank set debuts new bulk note acceptors targeting SMEs

IN a bid to encourage small and medium size enterprises (SMEs) deposit bulky cash easily, Stanbic Bank Tanzania Limited has started deploying Bulk Note Acceptors in the market.

 

The bank has already deployed four BNAs in Arusha, Dar es Salaam, Mbeya and Mwanza with each having capacity of 150m/-. The Dar es Salaam based lender said during the week that 10 BNAs will be deployed in the course of 2020.

Speaking in Dar es Salaam earlier this week, Stanbic Tanzania’s Head of Personal and Business Banking, Brian Ndadzungira said clients with large deposits will save time and enhance their economic productivity by avoiding banking hall queues.

“The roll-out of the BNA machines targets to simplify business operations for SMEs and boost private sector activities and their contribution to economic growth,” Ndadzungira said while disclosing that the bank is reviewing models that will enhance client-centric innovation with the purpose of bringing services closer to them.

“In line with our strategy to empower customers to take control of their banking needs, we are looking to provide solutions that respond to customer needs. This innovation will add a new layer of convenience to our clients, allowing them to focus on other productive aspects of their businesses,” he noted.

The Tanzania Development Vision (TDV) 2025 has highlighted the SME sector as an important contributor to the country’s long-term sustained economic development. According to Financial Sector Deepening Trust, the sector currently consists of more than three million enterprises which contribute 27 percent of overall gross domestic product and creates employment to around 5.2 million people.

“Stanbic believes further growth in the sector will be accelerated by innovative financial solutions that encourage scaling up. It is important to create these digital innovations in order to boost activity in the private sector that will lead to an increase in jobs, better incomes and sustainable businesses,” Ndadzungira added.

Among other things, the new BNAs are also aimed at creating digital avenues that will support cash collection solutions not only for SMEs but also large corporate clients. The new machines have the capacity of accepting up 10,000/- bank notes totalling 150m/- per individual transaction which is a remarkable increase from the current 2m/- via Cash Deposit Machines in most branches.

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