Standard Chartered rolls out app-only bank to new African markets

Standard Chartered rolls out app-only bank to new African markets

Standard Chartered has begun the roll out of its digital-only banking proposition in four more African markets after a successful launch in Ivory Coast

The second phase roll out will take in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow.

The move represents an attempt by the bank seek to make up lost ground to telco-based mobile-money services by offering a full panoply of up to 70 online and mobile-only financial products, including money transfers and bill payments, QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits.

After roping in local footballer Didier Droggba as its first customer and brand ambassador for the Ivory Coast launch, the bank is turning to popular Ugandan comedian Anne Kansiime to drive awareness of the brand in her home market.

Uganda Central Bank governor, Emmanuel Mutebile welcomed the initiative: “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. 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.”

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