Minister of Commerce, Trade and Industry, Chipoka Mulenga, has hailed the launch of Stan Pay, Stanbic Bank’s new merchant payment solution, as a significant milestone in advancing financial inclusion and accelerating the shift toward a cashless economy in Zambia.
Speaking during the launch in Lusaka today, Mr. Mulenga described Stan Pay as a timely and transformative innovation that will empower micro, small, and medium enterprises (MSMEs) by offering cardless and cost-effective payment options.
Mr. Mulenga noted that digital platforms like Stan Pay are critical in lowering the cost of doing business, facilitating regional trade, and strengthening collaboration between the public and private sectors.
He cited the upcoming partnership between Stanbic Bank and Grate as a promising example of such synergy.
“Technological advancement is key to positioning Zambia as a regional trade hub and digital payment solutions are aligned with government’s broader strategy to unlock the private sector’s full potential and grow the national economy,” said Mr. Mulenga.
He further emphasized government’s strong support for digital innovations that bridge the financial gap for the unbanked, foster broader participation in the economy, and promote inclusive economic development.
Meanwhile, Stanbic Bank’s Head of Personal and Private Banking, Eunice Mundia, highlighted that the introduction of Stan Pay reflects the bank’s ongoing commitment to digital transformation and innovation in financial services.
“Digital banking platforms have become essential in broadening person-to-business payment solutions but with Stan Pay, the bank aims to enhance financial inclusion, streamline transactions, and boost trade and commerce across the country,” said Ms. Mundia.
She added that Stan Pay will serve as a digital benchmark in Zambia, aimed at empowering entrepreneurs and supporting SMEs in fostering a more dynamic, technology-driven economy an innovation that aligns with the government’s commitment to inclusive growth and enhanced private sector competitiveness
Ms. Mundia explained that Stanbic customers can now complete transactions using push notifications, removing the reliance on physical debit cards or cash.
By Betty Kakoma
