The next wave of digital-only banks, ITREALMS gathered follows launches in Uganda, Tanzania, Ghana and Kenya in the first quarter of the year and Côte d'Ivoire in 2018.
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.
Commenting on the launch, Sunil Kaushal, Regional CEO, Africa and Middle East said: “This is a significant achievement for the Bank having now launched digital banks in 8 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, 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.
In just under 15 months, Standard Chartered has launched its digital banks in eight markets across Sub-Saharan Africa with impressive results. 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.
The Bank is expected to continue its digital expansion in African markets with another launch planned in September for Nigeria.
Nenye Dom/Editor
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