Saturday, January 28, 2023

Standard Chartered launches second phase of digital-only retail banks in Africa

Business

Standard Chartered announced on Thursday that it had launched the second phase of its digital-only retail banks across Africa.

“In response to growing consumer demand for innovative banking services on the continent, the bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow,” it said in a statement.

After the launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the most common service requests.

The roll out will also see the bank get involved in strategic local alliances to provide clients offers across shopping, travel and dining.

“The bank continues to make strategic and sustainable investments in technology – this complements our innovation agenda, as well as enhance our digital offerings and client experiences,” regional CEO for Africa and Middle East Sunil Kaushal said.

“Digitising Africa and facilitating access to financial services remains at the heart of our business strategy for the region.”

According to the bank, Africa’s banking market was the second-fastest-growing and second-most profitable globally and the retail banking sector was a locus of new business models emerging in response to low levels of banking penetration and heavy use of cash on the sub-Saharan region.

As a means of supporting the digital bank roll out across the four markets, the bank will launch a marketing campaign which will run across traditional and social media.

In Uganda, Standard Chartered has also partnered with popular entertainer and comedian Anne Kansiime to drive awareness of the new digital bank. Standard Chartered currently has a presence in more than 60 of the world’s most dynamic markets.

 

 

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