Standard Chartered ls Rolling Out Digital-Only Retail Banks In Four African markets

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Standard Chartered.
Standard Chartered. Daniel Fung / Shutterstock.com

Standard Chartered today announced the start of the second phase of its digital-only retail bank across Africa.

The banking group said this is in response to growing consumer demand for innovative banking services on the continent.

As a result, Standard Chartered 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.

This follows the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year.

The updated digital bank provides enhanced services including QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits. Clients will be able to enjoy the convenience of banking on the go, anytime and anywhere, along with a consistent online experience.

The roll out will also see the bank engage in strategic local alliances to create an appealing lifestyle banking proposition to provide clients offers across shopping, travel and dining.

“We are thrilled to launch the second phase of our digital-only retail banks across other African markets,” Sunil Kaushal, Regional CEO, Africa and Middle East said.

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

Africa’s banking market is the second-fastest-growing and second-most profitable globally.

The retail banking sector is a locus of new business models which are emerging in response to low levels of banking penetration and heavy use of cash in the Sub-Saharan continent.

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