British multinational banking and financial services company, Standard Chartered has excluded Nigeria in the launch of its second wave of digital-only retail banks across African markets.

Rather, the international banking group said, the solution, which it noted, is a response to growing consumer demand for innovative banking services on the continent will be launched in four other markets in Africa, which the Bank described as key in their retail banking quest.

They are starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow, disclosing that the launch in these four countries followed the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year.

“We are thrilled to launch the second phase of our digital-only retail banks across other African markets of Uganda, Tanzania, Ghana and Kenya,” announced Sunil Kaushal, Regional CEO, Africa and Middle East.

He explained that the Bank will continue to make strategic and sustainable investments in technology to  complement its innovation agenda, as well as enhance the Bank’s digital offerings and client experiences. “Digitising Africa and facilitating access to financial services remains at the heart of our business strategy for the region,” he added.

Accrding to Standard Chartered, the second phase digital-only retail banks builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the most common service requests. The updated digital bank provides enhanced services including QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits. Clients will be able to enjoy the convenience of banking on the go, anytime and anywhere, along with a consistent online experience.

The roll out will also see the Bank engage in strategic local alliances to create an appealing lifestyle banking proposition to provide client offers across shopping, travel and dining.

The Africa’s banking market is the second-fastest-growing and second-most profitable globally. The retail banking sector is a locus of new business models which are emerging in response to low levels of banking penetration and heavy use of cash in the Sub-Saharan continent.



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