StanChart unveils new Deposit Products to support SMEs

Standard Chartered Bank Nigeria has launched new deposit product, through its Business Banking business, that gives small and medium scale businesses the advantage of saving cost and earning interest. Products offer Zero local transfer, Zero SMS, Zero Account Maintenance fee and Interest earnings on Business Accounts.

Speaking on the new launch, Head of Business Banking, Benjamin Dike said, it is with much excitement that we launch our new deposit products. 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%, on a business’ current and savings account (CASA). These include the Business Hybrid Account that pays an interest earning of 2% without requiring a minimum account opening nor operative balance and the Business Premium account that pays 1% 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.”

The new deposit products are designed to help businesses during this time to focus on what is important to the development of their businesses while achieving cost savings. 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 overall transacting experience of clients.

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 charge on all interbank transfers; Zero charge on SMS Notification, Zero charge 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.