Stanbic Bank shows strong growth in Electronic Payments

2017-05-15 00:00:00.0

The Standard Bank Group subsidiary was Named Visa Card Champion for 2016 after nurturing a steady growth of its market share in the past year. The bank claimed a market share of over 30% in the Visa acquiring category resulting in their being named and awarded Visa Card Champion for 2016 by Visa International.


This comes off the back of the bank launching Point of Sale (POS) machines in market in the last quarter of 2014 backed by innovative consumer campaigns to drive usage and ensure seamless convenience for customers. The financial institution shows to have made great strides in becoming a key player in the card acquiring market in just 2 years of market representation.


Jacqueline Malaba, the Business Development Director for Visa International explained that two metrics were evaluated for them to come to the decision on choosing the Visa Card Champion. “We considered card growth and payment volume growth in this category and Stanbic Bank was the market leader in both categories surpassing expected average growth rates. This made the Stanbic portfolio the best performing in the market”, she said.


Patson Mahatchi, the Bank’s Head of Distribution and Customer Channels, said that the growth in acquiring was testimony to the financial services institution’s quest to adhere to its core values, which include serving its customers.


“We always endeavour to provide services that ease the transacting process for all customers. After launching our POS terminals we also opened the avenue for customers to allow them the opportunity to hire the machines for various events and occasions. As a bank we are honoured to be the recipients of the VISA Card Champion award,” said Mahatchi.


Mahatchi said Stanbic Bank continues to play its part in offering financial solutions even to the general public by partnering the hospitality industry through innovative Point of Sale (POS) products.


Their latest POS campaign “Share the Bill with STANBIC”, is currently running in partnership with Newscafe Borrowdale,Fife Avenue and Ocean Basket Borrowdale and allows customers who use a STANBIC POS to purchase a meal worth $10 to get a free drink.