Stanbic targets salaried workers with Smart Direct

Listed financier, Stanbic Bank Kenya #ticker:SCBK, has launched an insurance-linked transactional salary account targeting middle-level public and private sector employees.

Speaking during the launch in Nairobi last Friday, Stanbic Bank Head of Personal and Business Banking Adam Jones said customers will enjoy online banking and Point of Sale payment services as well as withdrawals where charges will be pegged on transactions executed by accountholders through cheques, bank transfers, debit card payments, drafts or online transfers.

“This is a Pay As You Go account where a customer only pays for what he or she uses on the account while transacting,” he said adding that the account will attract a minimum opening balance of Sh1, 000 with no minimum operating balance.

The product, Smart Direct, will also see customers receive a silver debit card, a monthly e-statement as well as access loan facilities such as salary advances, free Internet banking access while enjoying internal and interbank payments via internet banking.

Mr Jones said that account holders will also get an income protection cover at a monthly fee of Sh100, which is activated after a six month period but will be waived for existing customers who choose to shift to the new account.

“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 three months. The monthly premium of Sh100 also gives the account holders access to funeral and life insurance (death) cover,” he said.

Stanbic Bank is part of the Standard Bank Group, which is headquartered in South Africa.