Laurence I. Sithole

Experience

• 

  Stanbic Bank Zimbabwe

  Aug 2011 - Jul 2012

  Trainee Banker

  All round banking activities.An Internship program necessary for the completion of my Bachelor of Commerce degree and took place in the third year of my studies. It was a rotational program that had me exposed to the following areas within the bank;1. Personal & Business Banking; which covers the retail banking service offered by the bank involving sales of consumer products such as bancassurance, consumer credit, loan origination, facilitation of EFT payments Pay TV subscriptions in addition to the bank's core business.2. Business Banking, Commercial Suite; whose function is mainly to manage relationships with the Bank's small to medium sized enterprise customers within the Bulawayo and surrounding area. Activities included among others sales and marketing of the Bank's products and services.3. Credit and collateral; which deals with the predominantly consumer loans as they made the bulk of credit advances at the time. My activities here included learning the steps to take in perfecting security and collateral taken by the bank in advancing credit to its customers4. Coverage; which is a service offering catering to the Bank's corporate clients and involved general relationship management of the customers within that location and sales and marketing. 5. Exchange Control; which was the last port of call of my internship/placement/attachment. Activities in the department are wide ranging from the receipt and processing of international payment instructions on behalf of customers to ensuring that customers were compliant with Exchange Control regulations in place from the RBZ Show less

• 

  Stanbic Bank Zimbabwe

  Feb 2017 - Sept 2018

  This is a head office function based in my country's capital whose mandate is to reconcile the Bank's General Ledger covering all of the bank's operations and activities. In this role I am responsible for reconciling and making sure that the following accounts are up to date;1. Investor Services, inclusive of dividend clearing, corporate actions, fees and commissions receivable, tax payable, money market and share trade settlement accounts.2. Foreign trade suspense accounts; these being accounts which the bank has open in order to facilitate foreign payment transactions in international trade.3. Internet, Transactional Processing and Electronic banking accounts; these cover among other things the bank's digital channels which transact on a daily basis and must always have a zero balance4. Assets, liabilities and proxy accounts; these being general accounts showing the bank's position on current assets and liabilities5. International Money Transfer accounts; namely MoneyGram (Global Payments) and Mukuru which involved predominantly funds sent from South Africa on a daily basis as well as the collection of the commission due to the bank every month. Show less My stint at this branch involved sales and marketing to individuals and small business as well as a considerable number of the bank's corporate customers in the resort town of Victoria FallsMarketing and selling of the bank's distribution channels at grassroots level involving among other things the acceptance of deposits and paying out of withdrawals at the core of the banks business. The opening of accounts exchange of currencies. Experience here also involved the marketing and sale of ancillary products that the bank facilitates on behalf of third parties, which included among other things the payment of Pay TV subscriptions, funeral and life assurance products.My time at this branch coincided with the bank's drive to roll out what is termed digital channels thereby reducing the customer dependency on cash and moving towards a cashless bank. I was involved greatly in signing up individual customers to the bank's internet banking and cell phone service as well as small and medium business onto the enterprise banking platform.One of the innovations that I took part in was the issue of VISA debit cards that are linked to the company accounts as a means of reducing overall dependence on cash given the prevailing circumstances at the time. Show less Marketing and selling of the bank's distribution channels at grassroots level involving among other things the acceptance of deposits and paying out of withdrawals at the core of the banks business. The opening of accounts exchange of currencies. Experience here also involved the marketing and sale of ancillary products that the bank facilitates on behalf of third parties, which included among other things the payment of Pay TV subscriptions, funeral and life assurance products.My time at this branch coincided with the bank's drive to roll out what is termed digital channels thereby reducing the customer dependency on cash and moving towards a cashless bank. I was involved greatly in signing up individual customers to the bank's internet banking and cell phone service as well as small and medium business onto the enterprise banking platform.One of the innovations that I took part in was the issue of VISA debit cards that are linked to the company accounts as a means of reducing overall dependence on cash given the prevailing circumstances at the time. Show less

  • CCD Checker Bulk Deposits

    Jun 2018 - Sept 2018

  • Reconciliations Officer

    Oct 2017 - May 2018

  • Bank Teller

    Sept 2017 - Sept 2017

  • Bank Teller

    Feb 2017 - Aug 2017
• 

  Stanbic Bank Zimbabwe

  Mar 2019 - now

  • Process MT103 within the agreed turnaround times:• Ensure adherence/compliance to Internal laid down procedures, International Standards and Exchange Control Rules and Regulations;• Carry out Due diligence on the Incoming Telegraphic Transfer (Check value dates, amounts, authenticity of the payments) and reference and record all Incoming messages in Register;• Daily accurate processing of Incoming Telegraphic Transfers through the checking for compliance with International Best Practice and crediting customer accounts within the agreed turnaround times and capturing the BOP information.• Advise Customers, Exchange Control and the Relationship Manager of receipt of funding through e-mailing the scanned MT103 to facilitate acquittal of CD1’s.• Daily preparation of Regulatory returns and recommend continuous process improvements by daily attending the Section PITSTOPS, with a view of ensuring efficient and effective functioning of the high level of service within the Inward Telegraphic Transfers Inward function.• Attend to incoming MT103 messages to local Banks and process within the agreed turnaround times.• Prepare MT103 and MT202 for SWIFT messages for capturing by SWIFT Communications Department.• Prepare MT191 to foreign banks where the MT 103 indicates “OUR” on the incoming MT103.• Recover charges on statements received from Foreign Correspondent Banks.• Daily and monthly capture of accurate statistics on the Metrics and the Control Dashboard.• Investigate and log on all telephonic, e-mail or swift enquiries, queries and reworks from Foreign and Local Banks, Internal and External customers and ensure action (resolving or escalation) is done within the agreed turnaround times.• Collect all applicable statutory deductions. Show less • Position and profit reconciliations ensuring all differences have been fully explained and unreconciled are maintained within the 5% tolerance• Resolution of position reconciliation queries.• Posting of deals on MUB.• Checking spot position and profit reconciliations ensuring all differences have been fully explained and unreconciled are maintained within the 5% tolerance. • Ensure differences on spot positions are fully explained and are resolved within 24hrs.• Posting of rates in the core banking system ensuring correct capturing curbing exchange rate losses.• Confirmation of deals, sending same to customers and ensure receipt of signed confirmations.• Matching of deal confirmations• Resolution of GMO queries.• Processing of CSD transactions.Additionally: facilitation of international payments both incoming and outgoing on behalf of corporate & institutional clients.Ensuring that such payments are compliant with standing RBZ policies & regulations as well as AML & CFT policies & regulations Show less

  • Relationship Support Services Manager, Corporate & Investment Banking

    Mar 2023 - now

  • Exchange Control Officer

    Apr 2021 - Mar 2023

  • Officer, Payments (ITTS)

    Jul 2019 - Apr 2021

  • Officer Forex & Money Markets, Global Market Operations

    Mar 2019 - Jun 2019