View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
January 31, 2019updated 06 Feb 2019 3:26pm

Standard Chartered digital banks to launch in four more African markets

By Douglas Blakey

Standard Chartered digital-only retail banks are to launch in Uganda, Tanzania, Ghana and Kenya.

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

The new Standard Chartered digital roll outs build on its original CDI platform. Notably, the service onboards new customers in under 15 minutes and provides 70 of the most common service requests.

The digital banks provide enhanced services including QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits.

Standard Chartered says it will engage in strategic local alliances in each market. The aim is to create an appealing lifestyle banking proposition to provide clients offers across shopping, travel and dining.

Standard Chartered digital – Uganda followed by Tanzania

Uganda will be the first of the new Standard Chartered digital launches in January followed by Tanzania in February. Ghana and Kenya will follow later in the quarter.

Sunil Kaushal, Regional CEO, Africa and Middle East says:We are thrilled to launch the second phase of our digital-only retail banks across other African markets.”

In particular, the launches complement Standard Chartered’s innovation agenda as well as enhancing its digital offerings and client experiences.

He adds:“Digitising Africa and facilitating access to financial services remains at the heart of our business strategy for the region.”

Africa’s banking market is the second-fastest-growing and second-most profitable globally. The retail banking sector is a focus of new business models.Notably, there is scope to target low levels of banking penetration and overuse of cash in the Sub-Saharan continent.

Governor, Central Bank Governor Emmanuel Mutebile adds: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

“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.”

Standard Chartered digital launches: BEUNSTOPPABLE’ campaign

The bank is launching a marketing campaign dubbed ‘//BEUNSTOPPABLE’ Bank on the go! to support the digital bank roll. The aim is to drive digital adoption amongst new and existing clients focusing on young digital natives.

The campaign will run across traditional and social media.

In Uganda, Standard Chartered is partnering with popular Ugandan entertainer and comedian Anne Kansiime to promote the new digital bank. Anne will lend her voice and image rights through a series of Marketing and Community engagements over the next year.

Standard Chartered launched its first digital retail bank in Ivory Coast last April. The country’s most famous footballer, Didier Drogba acts as a Standard Chartered brand ambassador.

StanChart has no branches in Ivory Coast but offers a full range of services via its digital channel including remittances and bill payments.


NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Retail Banker International