By CHATULA KANGALI -
STANBIC Bank Zambia has changed the name of its service which serves Small and Medium Enterprises (SMEs) from SME Banking to Enterprise Banking to align with the Standard Bank Group guidance across Africa.
Stanbic Bank Zambia acting head personal and business banking Mwansa Mutati said the financial institution conducted a research aimed at improving relations with entrepreneurs and how they perceive their businesses.
Ms Mutati said in a statement that the research revealed that entrepreneurs did not view their businesses as small or medium, but rather as growing enterprises.
She said the bank changed the name to Enterprise Banking in order to be relevant to the needs its clients.
Stanbic Bank Zambia head of Enterprise Banking, Weni Kabota Chona the bank was working on developing a digital bank for enterprise clients.
“Two years ago, we launched the Business Connect Centre, which we have now renamed as Enterprise Direct. Enterprise Direct is a virtual channel through which our enterprise customers access various banking solutions without having to visit the bank,” he said.
Mr Chona said the Enterprise Direct offered clients banking convenience as it gave them time to focus on running their businesses rather than queuing up in branches.
He said it was because of that reason the business segment was changed to Enterprise Banking as it would include all the needs of the clients.