StanChart launches digital bank in three African markets as part of digital strategy

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StaChart Bank
A Standard Chartered Bank in Nairobi. PHOTO/COURTESY

The Standard Chartered Bank has today announced the launch of its digital bank in Botswana, Zambia and Zimbabwe as part of its digital transformation strategy in Africa. This next wave of digital-only banks follows launches in Uganda, Tanzania, Ghana and Kenya in the first quarter of the year and Côte d’Ivoire in 2018.

In just under 15 months, Standard Chartered has launched its digital banks in eight markets across Sub-Saharan Africa. In Côte d’Ivoire, the digital bank has exceeded initial expectations with 18,000 new account openings, while in Uganda, the bank has seen an eight-fold increase in new account openings. In Tanzania on the other hand, the bank has signed up more new customers since launching in March this year than in the whole of 2018.

Commenting on the launch in press statement, 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.”

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 bank in their statement said 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.

Standard Chartered will continue with this digital transformation strategy in Africa with plans already underway to launch a digital bank in Nigeria in September.

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