Standard Chartered Bank Unveils its Second Wave of Digital Retail Banks in Africa

Annews24, Standard Chartered Bank has today unveiled its second phase of digital-only retail banks across Africa, targeting four key markets in the first quarter of 2019 to meet increasing consumer demand for banking services in Africa.

The first launch happened in Uganda on 31 January 2019. This will be followed by Tanzania in February, with Ghana and Kenya expected to follow respectively in the coming months.

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“…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,” commented Sunil Kaushal, StanChart’s Regional Chief Executive of Africa and Middle East.

Globally, Africa’s banking market is reportedly the second-fastest growing and second-most profitable, a huge opportunity to the lender to tap into retail banking sectors emerging in the sub-Saharan market.

With the roll out the bank will enter into strategic local alliances to provide exquisite lifestyle banking proposition to provide offers across shopping, dining and travel.

The digital bank, if updated it offers enhanced services like loans and overdraft facilities, QR code, P2P payments as well as instant fixed deposits.

In 2018, Standard Chartered piloted successfully its first phase of the “digital-only retail banks” project in Côte d’Ivoire. The second phase will now build on the original customer data integration (CDI) platform that onboards clients in less than 15 minutes to provide 70 of the most common service requests.