Standard Chartered launches digital-only bank in West Africa

Thursday 15 March 2018 00:39 CET | News

Standard Chartered has announced the launch of its first digital-only retail bank in Ivory Coast, saying it will use the  African country as a testing ground for a global launch of digital services.

The move is part of a fightback by banks in Africa, where telecoms and financial technology companies have grabbed market share from banks by offering services such as mobile money and mobile payments, often to previously unbanked customers.

In Ivory Coast, where it has no bricks-and-mortar retail presence, the new StanChart bank will offer clients 70 digital services, including money transfers, bill payments and balance tracking.

The African country has the fifth-highest mobile money penetration in the world, according to StanChart. There are an estimated 9.8 million mobile money accounts in the country registered with telecoms companies, including MTN of South Africa, Orange of France, and Moov, a subsidiary of Etisalat, the Emirates provider, and technology platforms, such as Celpaid and Quash Services.

To raise awareness, StanChart is partnering with Didier Drogba, the country’s football player.

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Keywords: Standard Chartered, digital-only bank, West Africa, Ivory Coast
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech

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