MauBank launches new Business Centres to allow its customers to have a ‘One-Stop-Shop’ banking services and the SME LokalBoost to help boost start-ups and existing businesses.
MauBank has restructured its branches as business centres with the aim to offer a One-Stop-Shop banking services, which includes Retail Banking and SME Banking product and services.
The ‘One-stop-shop’ concept has been set forth so that customers have access to MauBank products and services under one roof, both for individual and small business needs.
Clients will enjoy their retail banking products like Loans, Cards, Deposits, Leasing as well as other facilities for SMEs.
SMEs services will be available in 19 MauBank business centres in Mauritius and Rodrigues, instead of 10 previously.
The retail banking strategy has been reviewed to respond to an emerging need observed by the bank lately: many individuals are now starting a new business activity in the wake of the COVID-19 situation, either because of reduction in revenue, or loss of employment.
Thus, increasing the proximity of SME services with the public across the island aims at adapting to this new demand.
Moreover, in the present economic context where existing businesses are facing challenges, the decentralization of SME services aims at increasing access to funding and other SME facilities for existing entrepreneurs.
They may need services either because they are facing hardships, or because they are in a mode of revamping or expansion. The new business centre model will provide proximity of service and simplify the customer journey.
P. Mungar, Chief Executive of MauBank stated “We want to bring our banking services, especially SME services, closer to the community, with shorter Turn Around Time and improved customer experience. Entrepreneurs should be able to focus on their business while we take care of their banking needs. Our newly designed Business Centres will offer a more personalized service, and products adapted to the needs of our clients. To make this happen, we have simplified our processes, built the capacity of our staff and strengthened our teams.”
In its endeavor to address the needs of SMEs, MauBank has put up a new scheme for businesses in need of finance.
Launched with a promotional offer valid until 28 February 2021, “LokalBoost” consists of a loan facility for projects of not more than Rs 2M, with up to 100% financing, at a rate of interest of 5.15% (PLR + 0%).
Processing fees do not apply, and over the first year, Management fee and Ledger fee are waived, and Internet Banking provided free of charge.
With repayment of the facility over 7 years, “LokalBoost” is designed for existing enterprises who may be in distress, or those who want to expand through diversification or a new business idea, or even Start Ups embarking on a new venture.
The two initiatives announced by MauBank today serve as an umbrella, which will shelter and help in the transformation and growth of many businesses.
“We are facing an unprecedented situation locally and internationally. We are conscious of its impact on local businesses and the difficulties that SMEs are facing. Mauritius needs to protect, grow and stimulate its SME ecosystem to increase local production and generate employment. As a responsible domestic bank, MauBank has an important role to play in bringing the necessary assistance to SMEs to be able to sustain our economy during this challenging time.” says Mahen Sookun, Chairman of MauBank.