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Stanbic Bank Zambia has officially launched the StanPay Digital Payment Solution, a mobile-first, cardless payment solution designed to transform how Zambians transact at over 500 retail shops nationwide.
Developed in partnership with cGrate Zambia via the 543 Konse Konse platform, StanPay Digital Payment Platform solution enables seamless merchant payments through a secure PIN-based system; no cards, no transfers, just simple, direct transactions.
Commerce, Trade and Industry Minister Chipoka Mulenga, Stanbic Zambia Head of Personal and Private Banking (PPB), Eunice Mundia and cGrate Zambia Chief Executive Officer Kelvin Chikomo officially launched the platform in Lusaka on Thursday.
Speaking during the launch in Lusaka Mundia said since 2020, the bank had been at the forefront of promoting Digital Financial Services (DFS), when it launched the digital loan solution.
“The DFS solution enables customers to access loans online of up to K800,000 in just three minutes,” she said.
Mundia stated that as part of the ongoing digital transformation, the bank had continued to lead the way in digital banking innovation introducing first-to-market digital products that have set the benchmark in Zambia.
“This includes the rebranded Cash Advance – a product that allows salaried customers to instantly access up to K25,000 via mobile banking,” she said.
Mundia believes that digital banking platforms have significantly increased, not just the convenience of banking for the bank’s customers, but also enhanced financial empowerment by reducing the need for physical, in-branch visits and tedious paperwork.
Similarly, Chikomo, the cGrates Zambia Chief Executive Officer echoed Mundia’s sentiments on enhanced financial empowerment by reducing the need for physical, in-branch visits and tedious paperwork.
“With strong backing from government and industry stakeholders, StanPay is being recognised as a major leap forward in digitising Zambia’s economy by laying the groundwork for regional payment integration,” he said.
Meanwhile, officially launching the platform, Minister Mulenga emphasized the importance of strategic partnership in the country’s financial sector following the launch of StanPay by Stanbic Bank in partnership with cGrate Zambia.
He stressed the importance of such partnerships, innovation, and inclusivity in shaping the country’s future and economic development.
Mulenga said the government wanted to see more of the Business-to-Business (B2B) partnerships take shape to help a rapidly growing population and customer base access financial services and fully participate in a growing economy.
“This collaboration is a strong testament to how two business entities can join forces to drive national economic growth and development through innovative digital payment solutions,” he stated.
Mulenga added that the country’s economic outlook could only be expected to improve with the implementation of unique innovations, such as the one launched by Stanbic Bank Zambia.
“One such opportunity that has been created is the StanPay Merchants solution. As Government, we believe that technological advancements in the digital financial payments space are essential if Zambia will be positioned to be a regional trading hub,” Mulenga said.
He stated that with smart technology, such as cardless transactions being offered with StanPay, small businesses would be able to boost their transaction volumes and stimulate further trade and commerce, locally and regionally.
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