Access Bank Botswana, the BSE-listed local arm of one of Africa’s largest retail banks, says it is affirming its promise to provide access to banking solutions that are relevant, affordable, and inclusive.
Since the turn of the year, Access Bank Botswana has embarked on an expansionary journey that includes the introduction of customer service channels such as the Virtual Branch and the addition of more ATMs. The Bank says it remains unwavering in making an impact in the market and has pushed the envelope even further with the introduction of the Salary Advance Loan offering.
Speaking on this first-in-the-market offering, the Head of Retail at Access Bank Botswana, Grace Setlhare-Mankanku, said “The advent of unfavorable economic circumstances coupled with the after-effects of the COVID-19 pandemic, have had a detrimental effect on the lives of the people of Botswana. We at Access Bank Botswana have launched this offering into the market with the hope of giving Batswana some much needed financial reprieve.”
The Salary Advance Loan is a hassle free, digitally accessible, and convenient shortterm loan facility. It is available to customers whose salaries are paid to an Access Bank Botswana current account. Offered at 50 percent of the customer’s net salary, the product is designed to meet a clear need for customers particularly when they fall short of funds towards the end of the month. The loan is payable in 30 days and customers can borrow any amount from as little as P200 up to P50 000 at a 10 percent interest rate.
“There has been a sharp rise in inflation and with expenses increasing consistently, it is understandably difficult for customers to live through the month with their salary. Receiving a fixed salary at the end of every month should ideally guarantee financial security, however due to unseen situations, the possibility of facing a shortage of funds often prevails. In such cases, some form of credit is often sought to deal with these situations. This Salary Advance Loan offering is an attestation that as a financial services partner, we’re committed to delivering bespoke banking solutions that will satisfy our customers needs,” concluded Setlhare-Mankanku.