Stanbic Bank Zimbabwe has launched the Evolve Account for Women as it continues to advance financial inclusion across gender, sectors and socio-economic groups.
The Stanbic Bank Evolve Account for Women was launched in partnership with Plan International Zimbabwe and is designed to benefit women across the socio-economic divide by providing easier access to banking services and much-needed financial security for their hard-earned money.
In a speech read on his behalf at the launch, Stanbic Bank Chief Executive (CE), Solomon Nyanhongo, said the Stanbic Evolve Account recognises the hard work and tireless contribution of women who trade, create, produce, serve and build livelihoods every day, often outside the formal structures of the economy.
“Across our communities, women are running market stalls, baking for households and businesses, tailoring clothes, operating salons, farming poultry, catering for events and moving goods across borders. Their businesses may begin with modest resources, but their ambition is not modest. Their discipline, ingenuity and resilience sustain families, create jobs and keep local economies moving,” said Nyanhongo.
He said Stanbic Bank recognised that many of these entrepreneurs still face barriers when trying to access formal financial services.
Nyanhongo said requirements may not always reflect the realities of their income, while banking solutions may not match the rhythm of their cash flows. In addition, support often ends with the opening of an account when what an entrepreneur really needs is a pathway to grow.
“The Evolve Account has been deliberately structured around everyday needs, with a daily cash withdrawal limit of US$200, daily point-of-sale transactions of up to US$1,000 and a maximum account balance of US$2,000,” said Nyanhongo.
He added that as a customer’s business and banking needs grow beyond these parameters, Stanbic Bank can assess those needs and support her transition to a more suitable solution.
Nyanhongo said Evolve is therefore not a ceiling, but an entry point into a longer banking relationship.
He said Stanbic Bank is cognisant of the fact that finance alone does not build a sustainable enterprise, adding that knowledge, confidence, networks and access to markets matter just as much.
“That is why our partnership with Plan International Zimbabwe is central to this proposition. Through this partnership, customers will be able to access financial literacy, business and digital skills training, vocational development, basic legal knowledge, market linkages, vendor networking forums, support for community savings groups and guidance on formalising their businesses,” he said.
The partnership brings together banking and capability-building to better equip women not only to save, but also to plan, trade, adapt and grow.
Nyanhongo said the nature of the partnership reflects the kind of bank Stanbic strives to be.
“It reflects our purpose, which says, ‘Zimbabwe is our home, we drive her growth.’ To the women entrepreneurs joining us today, we see the early mornings, the long days, the risks you take and the goals you carry for your families and communities. We want Evolve to be a dependable partner on that journey. Use the account to build a savings habit, protect your money, transact more conveniently, develop your skills and prepare your enterprise for its next chapter,” said Nyanhongo.
Plan International Zimbabwe Country Director, Peter van Dommelen, said the organisation is excited about the Evolve Account because of its potential contribution to addressing prevailing challenges, including child marriages and teenage pregnancies.
van Dommelen said it was pleasing that the Stanbic Evolve Account was a product of co-creation with young women, who spoke openly about what they needed while the bank listened.
“When young people help make the decisions, the solutions are better because they are built on lived experience. What young women told us about documents, collateral and the risks of saving at home has now shaped how a major bank designs its products. That is evidence changing practice, and it is the kind of change we want to see across the financial sector,” said van Dommelen.
He said the Stanbic Evolve Account is a celebration of what can be achieved through synergies between the private sector and civil society, with each bringing different strengths to the table.
van Dommelen said Stanbic Bank brings financial expertise, products, systems and reach, while Plan International brings its longstanding relationships with young people and communities, its understanding of the barriers young women face, and its links with government ministries and other stakeholders that can open further doors for young women.
“Together, we are offering more than a bank account. Alongside the Evolve Account, young people will have access to financial literacy, business skills, legal knowledge, market linkages, digital skills and vocational training,” said van Dommelen.
Stanbic Bank Head of Product, Jahannes Dondo, said the Stanbic Bank Evolve Account sought to answer a simple question: What would banking look like if it were designed around the real lives of women earning a living and building businesses in the informal sector?
Dondo said the bank sought answers directly from vendors, bakers, tailors, caterers, hairdressers, poultry farmers and cross-border traders.
“We heard that access must be simple, costs must be manageable, channels must be convenient and support must extend beyond transactions. The Stanbic Bank Evolve Account is our practical response. An eligible customer needs only her national identity document to open it. She does not need to produce a payslip, proof of income or a utility bill. She can begin saving with any amount, without a minimum balance, and there is no monthly maintenance fee, while normal transaction charges apply,” said Dondo.