StanChart Introduces Account for SMEs to Earn 2% Interest

By Dipo Olowookere

A new deposit product to allow small and medium scale businesses the advantage of saving cost and earning interest has been designed by Standard Chartered Bank Nigeria (StanChart).

The new account was created through the financial institution’s Business Banking business and it offers holders zero local transfer, zero SMS, zero account maintenance fee and interest earnings on Business Accounts.

According to a statement from the lender, the new deposit product will help businesses to focus on what is important to the development of their businesses while achieving cost savings, especially during this present global health crisis caused by COVID-19.

All sectors of the economy including education, manufacturing, retail services etc. can benefit from the new deposit product offerings as these also provide loan offering opportunities with very attractive interest rates available to all clients.

This solution builds on the bank’s client obsession agenda to bring the best, fastest and most convenient services, solutions and products such as the digital bank that support the overall transacting experience of clients.

The Head of Business Banking at StanChart, Mr Benjamin Dike, explained that the “these deposit products are part of our commitment as a bank to consistently anticipate and respond to the needs of our clients.”

“The major benefit of the new offering is the opportunity for growing earnings as high as 2 per cent, on a business’ current and savings account (CASA).

“These include the Business Hybrid Account that pays an interest-earning of 2 per cent without requiring a minimum account opening or operative balance and the Business Premium account that pays 1 per cent interest earning on average daily balances for clients that meet the minimum operative balance requirements.

“These products have been built around cost savings, liquidity management and lifestyle benefits and help to reiterate our commitment to be here for good as we continuously support the growth aspirations of our esteemed clients,” he added.

Standard Chartered Bank announced the launch of its Digital Bank in Nigeria in December 2019 with the SC Mobile 2.0 app.

The Digital Bank offers savings accounts, current accounts, fixed deposits (with the option of joint accounts) along with Lending and Wealth Management solutions.

For both existing and new to bank clients, various benefits to be enjoyed on the app include zero charges on all interbank transfers; zero charges on SMS notification, zero charges on ATM withdrawals, performing funds transfer without adding beneficiaries and generating a soft token for all transactions, free bank card delivery nationwide and account management and service request.