Stanbic upgrades Foreign Currency Accounts digital banking

Thursday 6 August 2020 13:33 CET | News

Stanbic Bank has stepped up functionality of Foreign Currency Accounts (FCAs) on their digital banking platforms. 

This will allow customers to take advantage of the interbank rates being implemented through the introduction of the foreign currency auction system. 

Following the Reserve Bank of Zimbabwe (RBZ)’s pronouncement which allows the use of foreign currency for local transactions, the bank took the opportunity to enhance digital banking offerings that allow account holders to facilitate transactions using their free funds with ease.

This will encourage the bank’s account holders to use their free funds through digital banking platforms at the governed official exchange rate.

 The bank’s digital banking platforms for both personal and business customers, allow for transfers to be made from FCAs to Zimbabwe dollar accounts and payment of bills, all such transactions being processed using the prevailing official rate.

According to the bank, customers can also perform local US dollar transactions through interbank or internal transactions, as well as process US dollar bills such as DSTV subscriptions. 

Civil servants have also become beneficiaries of the payments system as they can now access their recently opened local US dollar accounts on the bank’s mobile and online banking platforms.


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Keywords: Stanbic Bank, Foreign Currency Accounts, digital banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Africa
This article is part of category

Banking & Fintech