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StanChart launches first digital bank

Michael Tome Business Reporter
Standard Chartered Bank on Wednesday launched its first digital bank in Zimbabwe, another landmark innovation by the financial institution that aims to tap on the growing mobile penetration in the country. The launch of the digitally-led bank follows launches in Uganda, Tanzania, Ghana and Kenya in the first quarter of the year and Côte d’Ivoire in 2018.

Standard Chartered’s digital bank is designed to bring convenience to clients by enabling them to access banking services through Internet and mobile platforms.

Speaking at the launch event, head of retail banking, Valeta Mthimkhulu, highlighted that the digital bank offers seventy of the common services encompassing card management on the application, opening an additional account, ordering a debit card, local and international funds transfer, all without the need to visit a branch.

“Our digital bank was developed with our clients in mind.

“We have taken into consideration their feedback at each stage of the design process, and have incorporated innovative technology to allow them to execute all banking activities from a mobile phone via the Standard Chartered Bank App – SC Mobile Zimbabwe.

“This is a key milestone as a bank and underlines our commitment to investing and growing the digital banking in the country.

“We have seen how digital transformation has contributed to economic development and will continue to do so, in line with the country’s National ICT plan,” said Mrs Mthimkhulu.

Standard Chartered bank chairman Lovemore Manatsa, indicated that the move was motivated by mobile penetration rate in the country and desire to enhance the bank’s retail business considering the strong demand for digital banking in the country.

“We believe this is the time to enhance our retail business with the strong demand we see for digital banking in Zimbabwe.

“Standard Chartered Bank Zimbabwe has a high digital penetration with 88 percent of our clients using Mobile Banking, 72 percent online banking and 92 percent using the Debit Card.

“Smart Phone penetration in Zimbabwe is estimated at 50 percent – LTE, 3G and 2G accounts for 90 percent of the 7,2 million internet connections,” said Mr Manatsa.

The bank has been steadily investing and expanding in its digital footprint in Zimbabwe in line with global trends.

The digital bank is available by downloading the Standard Chartered mobile app — SC Mobile Zimbabwe — for free via both Google Play Store and the Apple Store.

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