Banking made easy by Standard Chartered launch of second wave of digital-only retail banks across African markets

DUBAI, United Arab Emirates, January 31: Standard Chartered announces the start of the second phase of its digital-only retail bank across Africa.

It is a response to growing consumer demand in the continent for innovative banking services. The Bank will be launching 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 on the list.

The initiative follows a successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year.

The second phase of digital-only retail bank on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the most common service requests and providing QR code, P2P payments, loan and overdraft facilities, and instant fixed deposits.

“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 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”, said Sunil Kaushal who is a Regional CEO of Standard Chatered Africa and Middle East.

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.

Speaking to APO group, 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.

By Ziyanda Yono

Source: APO Group

Images; pmIdaily