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Stanbic Bank Zimbabwe has fully digitised its international payments platform, iPay enabling customers to process cross-border transactions in half the time, without stepping into a branch.
Stanbic Bank Chief Executive Solomon Nyanhongo said the digitisation of iPay represents a significant shift in the bank’s service delivery, aimed at enhancing convenience and efficiency for all client segments.
“We are excited to advise that we have digitised international payments for all our Stanbic Bank Zimbabwe clients,” said Nyanhongo. “Having first introduced self-service for corporate clients, we’ve now extended this capability to enterprise, personal, and private banking customers.”
By Ruvarashe Gora
Through iPay, clients can initiate international payments anytime, from anywhere, using Stanbic’s online and enterprise banking platforms. They can also upload payment-supporting documents required by the Reserve Bank of Zimbabwe remotely, eliminating the need for manual submissions and in-branch visits.
“In addition to the convenience of remote access, iPay cuts the processing time for international payments by over 50%,” he said. “It’s part of our broader digital transformation journey under the Standard Bank Group.”
Stanbic Bank has been a pioneer in digitisation within Zimbabwe’s financial sector. Since embracing digital banking in 2018, it became the first local bank to roll out contactless debit cards and POS machines. The bank has also deployed USD cash deposit machines and consistently enhanced its online banking platforms.
These innovations have earned Stanbic significant industry recognition. In 2024, it was named Best Overall Bank at the Banks and Banking Survey Awards and received the Best Pan-African Bank for SMEs Award from EMEA Finance for driving trade and enterprise growth through solutions like the Africa-China Trade Agent Proposition.
The digitisation of iPay is expected to benefit a wide range of clients from mining and manufacturing firms to NGOs and retailers by streamlining foreign currency transactions and boosting economic productivity.
“We are guided by the belief that ‘Zimbabwe is our home, we drive her growth,’” said Nyanhongo. “This upgrade ensures our clients can manage international payments easily, securely, and without disruption.”
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