Published: 21 May 2025

Stanbic Bank Zimbabwe has announced the full digitization of its international payments facility, extending the service to all client categories in a major step toward enhancing convenience, accessibility, and efficiency.

The bank's chief executive, Solomon Nyanhongo, said the rollout of the digitized international payments platform, known as iPay, marks a significant milestone in Stanbic's digital transformation journey. Initially available only to corporate clients, the platform is now accessible to enterprise, personal, and private clients as well.

"We are excited to advise that we have digitized international payments for all our Stanbic Bank Zimbabwe clients," Nyanhongo said. "Having first introduced self-service on international payments for corporate clients on our online banking channels, we have gone two steps further to ensure this capability is now available for all clients."

The iPay platform allows clients to initiate and complete international payment transactions anytime and from anywhere via Stanbic's Online and Enterprise Online Banking systems. It enables users to upload payment supporting documents as required by the Reserve Bank of Zimbabwe (RBZ) without visiting a physical branch.

Nyanhongo noted that the digitized system drastically reduces processing times. "In addition to the convenience of not having to visit a branch or manually complete forms, our Stanbic Bank iPay cuts the processing time for international payments by over 50%," he said.

The development is part of the bank's broader effort to align its services with global digital banking trends and to enhance financial inclusion and accessibility. Nyanhongo reiterated Stanbic's commitment to delivering reliable and affordable banking services, particularly for sectors such as mining, manufacturing, retail, distribution, and non-governmental organizations.

"We are driven by the mantra that ‘Zimbabwe is our home, we drive her growth,' and to that end, we take pride in ensuring that our clients can now upload their payments without the inconvenience of traveling to a branch," said Nyanhongo.

The digitization of iPay adds to a suite of existing digital platforms offered by Stanbic Bank, including internal transfers, RTGS, and Zipit. It follows previous technological innovations, such as the 2018 launch of contactless debit cards and point-of-sale (POS) machines, which made Stanbic the first financial institution to introduce contactless payment solutions to the Zimbabwean retail market. These cards are now accepted in 78 countries globally.

Stanbic Bank, a subsidiary of the Standard Bank Group, continues to prioritize innovation as it cements its position at the forefront of digital banking in Zimbabwe.
- the herald

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