Banking
Standard Chartered Bank Launches Digital Bank, Hires Drogba
By Modupe Gbadeyanka
One of the leading international banking groups in Africa, Standard Chartered Bank, has launched its digital bank in Côte d’Ivoire.
The official launch of the digital bank was attended by top executives of the lender as well as senior government officials in Côte d’Ivoire, including the Minister of Information Technologies and Communication, Mr. Bruno Nabagné Kone, and sporting legend and Ivorian icon, Mr Didier Drogba.
Speaking during the ceremony, the bank’s Regional CEO for Africa and Middle East, Mr Sunil Kaushal, stated that, “We are pleased to launch our first digital bank in Africa with the support of the Government of Côte d’Ivoire.
“This is a key milestone on our digital journey as a Bank and underlines our commitment to investing and growing in the market.
“We have been steadily investing in expanding our footprint in Africa over the years, and this will continue to be a priority moving forward.
“Digitising Africa remains at the heart of our business strategy for the region, and we look to implement our Côte d’Ivoire model across other markets in the coming months.”
Also, Jaydeep Gupta, Regional Head of Retail Banking, Africa & Middle East, said, “Our new digital bank was developed with our clients in mind. We have taken into consideration the feedback received by our clients at each stage of the design process and have incorporated innovative technology to allow them to execute all banking activities from a mobile device. This includes 70 banking services through the app.”
“In addition, for the first time, the client onboarding journey has been digitised and in under 15 minutes a client can open a new account through the app.
“What has also been introduced is the ability for clients to track and trace a request submitted, which is a first for Standard Chartered. This is something we are very proud of.”
Furthermore, Isaac Foly, Chief Executive Officer, Côte d’Ivoire, said, “I’m pleased to have launched the bank’s first digital retail bank in Côte d’Ivoire and proud to see the progress the country has made over the past decade.
“We have seen how digital transformation has contributed to economic development and will continue to do so, in line with the country’s National Development Plan.
“Our partnership with Didier Drogba has helped raise awareness, not only for our digital offering, but for enhancing financial literacy and improving accessibility to financial services across Côte d’Ivoire.
“Promoting the social and economic wellbeing of communities is a key component of our strategy to support sustainable development and our digital bank is certainly another step in the right direction.”
On his part, Mr Didier Drogba, who was hired as the bank’s Digital Ambassador, shared his experience on the ease of opening an account using his mobile phone. He was the first person in Côte d’Ivoire to open a digital account with Standard Chartered Bank.
The bank’s digital services are available by downloading the Standard Chartered mobile application. New clients can execute all of their banking activities right from their mobile devices, starting by opening their bank account in less than 15 minutes. They can also provide all verification documents by uploading to the application and fully complete their onboarding process within minutes.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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