StanChart to launch mobile and online banking platform in 8 African nations

London

STANDARD Chartered is to launch its mobile and online banking platform in eight African countries, its consumer banking chief for the region told Reuters, as the lender seeks to grow in Africa at a time when some European banks are retreating.

StanChart will launch the service for its one million customers in Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016, the bank's regional head for retail banking Jaydeep Gupta said. "Africa's populations are moving quickly to embrace mobile banking and local banks have made material investments on the digital side, so to protect and grow our market share we are investing," he said. Mr Gupta said that StanChart hopes to grow long-term retail banking revenues in Africa by three to four times the pace of the region's growth in economic output.