Despite the implosion of the economy, life goes on in Zimbabwe. The country’s gross domestic product has contracted by more than 22% over the past three years; it is expected to shrink further by 5.1% this year and 4.7% next year. Earlier this year, inflation raced above 1000%.
For Stanbic, a subsidiary of South Africa’s Standard Bank, the strategy has been to take a proactive approach to risk, insulating not just the bank but also its customers. Indeed, the judges noted the bank’s willingness to launch new products into a very difficult market. One such product was Stanbic Bank Collect Plus, an electronic cash payment and collection system, aimed at improving the management of corporate customers’ working capital cycle. On the retail side, the bank launched a Visa debit card.
By also not compromising service standards, Stanbic was able to report strong figures in 2005: assets were up 390% compared with average inflation in 2005 of 267% and net profits were up 506%.
“Our operating environment remains challenging and we shall strive to consolidate our market position. In addition, the maintenance of customer satisfaction and supporting the needs of the community within which we operate shall remain paramount. We are committed to making a meaningful contribution to the well-being of our economy,” says CEO Pindie Nyandoro.
