Stanbic Bank lays claim to Zambia’s first unsecured personal loan via USSD platform

Stanbic Bank Zambia has reportedly taken a bold step in transforming access to finance by launching the country’s first unsecured personal loan available via mobile banking USSD platform.

The innovation, it is said, allows customers to access unsecured personal loans of up to K800,000 directly from their feature phones—without the need for internet access, a smartphone, or visiting a branch.

Eunice Mundia, Executive Head of Personal and Private Banking at Stanbic Bank, said that by enabling personal financing loans through USSD, the bank was reaching customers who have traditionally been excluded from formal financial systems.

She said the service, accessible via *247#, delivers loan approvals in under three minutes, making it the fastest and most accessible loan solution in Zambia’s banking sector.

While mobile network operators have long offered micro-loans via USSD, Stanbic is reportedly the first commercial bank to introduce substantial financing through this channel.

“This launch is a game-changer. We are not just digitising banking; we are making our financial services more accessible to all our customers in different segments,” Mundia stated.

She emphasised that most Zambians own a mobile phone, but not everyone has internet access or a smartphone. By leveraging mobile banking USSD, Stanbic was “meeting people where they are.”

The new loan solution is fully automated and pre-scored, allowing eligible customers to receive funds instantly without paperwork or manual approval. Transactions are secure, encrypted, and PIN-protected.

Mundia added that the product builds on Stanbic’s strong track record in digital lending, with the bank having reportedly disbursed over K1 billion in digital loans through its app and internet platforms.

Mundia said the innovation supports Zambia’s broader financial inclusion goals and is expected to appeal to a wide range of customers, including salaried workers, entrepreneurs, and those seeking emergency funds.

She stated that the bank also planned to expand the product to include tailored loan packages and broader eligibility criteria, alongside customer education to promote responsible borrowing.

“This is just the beginning. We are committed to building a banking experience that is fast, fair, and accessible. With this launch, we are not only leading the market—we are reshaping it,” Mundia stated.

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