StanChart sees digital footprint expanding across Africa

June 28, 2019 in Business, Finance, Financial Services by Editor

June 28—During the past 15 months, Standard Chartered has seen a sharp rise in customer numbers taking advantage of their digital bank platform across Sub-Saharan Africa.

In Côte d’Ivoire the digital bank has exceeded initial expectations with 18,000 new account openings, in Uganda the bank has seen an eight-fold increase in new account openings, whilst in Tanzania the Bank has signed up more new customers since launching in March this year than in the whole of 2018.

Sunil Kaushal, Regional CEO, Africa and Middle East said, “This is a significant achievement for the Bank having now launched digital banks in eight markets in 15 months of our initial launch in Côte d’Ivoire. The growing population of Africa is demanding faster and more convenient banking and it has been very rewarding to witness increased acceptance and a growing demand for our digital products across the continent. We have an exciting pipeline of product launches on this platform which will position us as the premier digital bank in our markets of choice.”

By digitalising the entire banking experience, Standard Chartered customers will be able to enjoy simple, secure, and affordable banking anytime, anywhere. Active customers of the digital bank will also be eligible to receive loyalty benefits and promotions. The bank is expected to continue its digital expansion in African markets with another launch planned in September for Nigeria.

The expansion in Africa comes at a time when the continent, with a growing economy and population, is demanding wider access to digital services. The digital banking solution provides Standard Chartered customers across the eight markets with affordable, convenient, fast and easily accessible banking services. The first-of-its-kind digital bank in Botswana and Zambia offers a truly end-to-end digital account opening experience which has been developed following client feedback to offer a convenient platform to service all their banking needs.

Jaydeep Gupta, Regional Head of Retail Banking, Africa and Middle East, said, “Following the additional roll-outs of our online retail banks across Africa, SC Keyboard is an important milestone in our digital journey. SC Keyboard was designed with our clients in mind, as users can now pay their bills, view their account balances and transfer money to their friends or family through any social or messaging platform. Increased prosperity has made the African population more financially savvy and many users seek new and easy ways to handle their money. We want our interactions to be simple, intuitive and seamless – with, we will remain committed to leveraging the best technology to bridge digital and human channels and enhance customer centricity and service delivery.”