StandChart skips Nigeria, begins ‘digital-only’ retail banking in 4 African markets
Standard Chartered Thursday announced the resumption of its second phase of its digital-only retail banking services across Africa.
The drive is coming from 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.
Business Hilights gathered that based on the successful 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 on boards clients in under 15 minutes and provides 70 of the most common service requests.
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 bank said 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.
In his remarks on the second phase of the launch, Regional CEO, Africa and Middle East, Sunil Kaushal noted that “We are thrilled to launch the second phase of our digital-only retail banks across other African markets. The Bank continues to make strategic and sustainable investments in technology – this complements our innovation agenda, as well as enhances 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.”
Analysts have agreed that currently, 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.
Explaining more on the launch of the digital bank in Uganda, Governor, Central Bank Governor Prof. Emmanuel Mutebile said “There will continue to be disruption in the Banking sector. Institutions that fail to keep up might lose out and at the very worst be pushed out of business in the long run; however, this disruption to bank business models works in the interest of customers and the general populace. I therefore congratulate Standard Chartered Bank on unveiling this revolutionary digital initiative as I believe that with such innovations, we are making significant progress in embracing technological changes and digitization to help us achieve stable and long-term growth.”
To support the digital bank roll out across the four markets, aimed at driving digital adoption amongst new and existing clients focusing on young digital natives, the Bank will also launch a marketing campaign dubbed ‘//BEUNSTOPPABLE’, Bank on the go! The campaign will run across traditional and social media to remind consumers that banking should not stop them from doing what they love to do, and when they want to do them.
