Standard Chartered Bank Uganda has Tuesday officially unveiled a range of retail products and services to its premium class of clientele in a bid to better everyday banking experience.
The bank’s Priority Banking Customer Value Proposition introduces a visa infinite card along worm seamless banking that provides cutting-edge solutions and up to Shs1.5bn in mortgage financing.
While announcing the 3 months campaign to the press on Tuesday, Israel Arineitwe, the Head of Retail Banking at Standard Chartered Bank said that these products are tailored for affluent clients including professionals, corporate executives, and business owners seeking to grow their wealth and invest.
Priority clients according to Timothy Kiyimba, the Head of Retail Products at Standard Chartered Bank, comprise of the affluent, higher income class of individuals, earning in the salary (monthly) range of Shs7.2m, a minimum of Shs100m as bank account balance and Shs250m in asset holdings.
“We are an international bank, so, we are making banking global especially for the travelling clientele. The VISA infinite card is the king of debit cards. If you travel with the VISA infinite card, you are treated with royalty and can access all business lounges across international airports,” Arineitwe told journalists.
Aside the exclusive access that the card grants to the user elsewhere on the globe, Arineitwe said that VISA infinite, like any other card can also be used locally for shopping, at the hotel and last the ATM.
“A typical CEO of a company in Uganda is very busy and has no time to do bank transactions; therefore he needs a bank to ensure that he has cutting edge digital solution, access to a relationship officer 24/7 and access to advice on investment.”
Another component of the new Standard Chartered Bank’s proposition is its new ‘instant term’ deposit account that will allow customers to receive their interest upfront rather than at maturity of their deposit.
Arineitwe says this is new in the market and best suits customers faced with a decision on how to spend their retirement benefits.
In addition, along with partner property developers, the bank will now offer mortgage loans of up to USD 1 million at an interest rate of 8% over 25 years for the period before September 30 this year.
Clients will also have the option to release equity from property they already own for access to funds that they can then invest elsewhere.