Stanbic Bank’s home loan facility targets diaspora community – NewZimbabwe.com

By Alois Vinga

FINANCIAL services concern, Stanbic Bank’s home loan facility is set to penetrate the diaspora market where convenient foreign currency products are set to be introduced.

Stanbic Bank Head Home Loans, Bryan Mombechena said the move comes at a time when there is a need to counter local market challenges as well as diversification of the product line.

“The department responds to this in a positive way by developing new solution lines like diaspora mortgages, USD mortgages for targeted clients in the market. The solution lines include outright purchase, building finance, property improvements and equity release” he said.

He revealed that the institution is determined to do more in line with its quest to drive growth despite the prevailing harsh economic environment.

Currently products on offer include ZW$ and US$ loan facilities covering both local clients and Zimbabweans in the diaspora.

Mombechena said in 2021 alone to date, the bank assisted over 600 customers to achieve their dream in both residential and commercial property.

Additionally, 2022 is exciting for the team as we are entrenching partnerships to make sure our client’s expectations are exceeded. Our performance so far this year has been satisfactory with room to improve. We have had solid performance in terms of asset class, growth and the right solutions for our clients,” he said.

The bank intends to hinge future growth on the potential embedded in Africa’s young, dynamic and promising youthful population.

Despite the  adverse effects of the Covid19 pandemic, the bank managed to take advantage of the opportunities available to spur growth.

““We are positive we have managed in these circumstances by putting measures to ensure our clients are happy and team members manage in these difficult times.

Adhering to public health protocols have assisted. We are happy that our crisis management plans kicked in and we have managed to ride the tide,” he said.