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Stanbic Bank targets workers with new insurance-linked salary account

by: Category: Banking & Finance, East Africa, Economy & Politics, Energy, Featured, In Focus A+ / A-

Stanbic Bank Kenya has launched a new insurance-linked transactional salary account dubbed Smart Direct, targeted at salaried individuals.  This is a Pay As You Go account, which means the customer only pays for what they uses on the account while transacting.

Speaking during the launch, Stanbic Bank Head of Personal and Business Banking Adam Jones said the new account is more than just a bank account.

“This proposition offers a world of opportunities and convenience to customers, making it more than just an ordinary account,” said Mr. Jones; who called on salaried employees to make use of the new product.

The account attracts a minimum opening balance of Sh1, 000 with no minimum operating balance and offers a transactional banking which enables the account holder to do payments through cheques, bank transfers, debit card payments, drafts or online transfers.

It also offers a free savings account, free silver debit card, free monthly e-statements upon signing up, an access to loan facilities including salary advance for customers on payroll, access to free internet banking, and the ability to make internal and interbank payments via internet banking.

“We created this product with the needs and aspirations of a mid-level salaried employees in mind, hence it offers 24/7 access to funds through free internet and mobile banking, ability to transact online and at points of sale (POS), creating convenience for the customer,” said Mr. Jones.

Income protection

Apart from offering everyday banking services the account holder also gets an income protection cover at a monthly fee of Sh100, with a waiting period of 6 months (the period one should have purchased the income protection plan before they can access it). The waiting period is however waived for existing customers.

“Income protection comes in once the customer loses their job on retrenchment terms only.

They are paid 70 per cent of their net salary for 3 months. The monthly premium of Sh100 also gives the account holders access to funeral and life insurance (death) cover,” he explained.

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Stanbic Bank targets workers with new insurance-linked salary account Reviewed by on . Stanbic Bank Kenya has launched a new insurance-linked transactional salary account dubbed Smart Direct, targeted at salaried individuals.  This is a Pay As You Stanbic Bank Kenya has launched a new insurance-linked transactional salary account dubbed Smart Direct, targeted at salaried individuals.  This is a Pay As You Rating: 0

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily.

Chief Editor at The African Business Fortune Magazine.

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