Standard Chartered Bank has announced the official launch of its Digital Bank in Nigeria.
Launching to the public yesterday 9 December 2019, Standard Chartered’s fully Digital Bank marks an important milestone in the Bank’s path towards innovation and productivity transformation in Nigeria. Designed with continuous feedback from its clients, the digital bank empowers clients to bank on their terms, whenever and wherever.
The launch event held at the Civic Center in Lagos and was attended by over 300 dignitaries, business leaders, clients and senior management, as well as the African Giant and Nigerian icon, Burna Boy. As the Bank’s Digital Ambassador, Burna Boy shared his experience on the ease of opening an account using his mobile phone.
The Digital Bank will initially offer savings accounts, current accounts, fixed deposits (with the option of joint accounts) along with Lending and Wealth Management solutions. For both existing and new to bank clients, the new SC Mobile 2.0 comes with several benefits including: Zero charge on all interbank transfers, Zero charge on SMS Notification, Zero charge on ATM withdrawals, Performing funds transfer without adding beneficiaries, Generating a soft token for all transactions, Free bank card delivery nationwide, Account management and service request
Commenting on the launch, Lamin Manjang, CEO, Nigeria said: “We are pleased to launch our digital bank in Africa with the support of the Central Bank of Nigeria (CBN). 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, launching earlier in CDI, Ghana, Kenya and Tanzania, 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 continue to grow our business in Nigeria being the best financial partner to our clients. For us, our commitment to our clients is not only being Here for good for them but also empowering them to be unstoppable in their financial aspirations.’’
Also commenting, David Idoru, Head of Retail Banking, Nigeria, said: “Our 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 appIn addition, the client onboarding journey has been digitised and in just the amount of time it takes you to make a cup of coffee, you can open a new account through the app. What has also been introduced is that our clients enjoy zero charge on all interbank transactions, zero charge on SMS notifications and free delivery of cards to them wherever they are. Clients can also open term deposit accounts, Joint accounts, Lending and WM products. This is something we are very proud of and we look forward to continuously providing the best in class financial services to our clients.”
The bank’s digital services are available by downloading the Standard Chartered mobile application on the app stores. New clients can execute all their banking activities from their mobile devices, starting by opening their bank account in less than 10 minutes. They can also provide all verification documents by uploading to the application and fully complete their onboarding process within minutes.
In a related development, the bank yesterday also announced Nigerian icon, Damini Ogulu, AKA Burna Boy as their Digital Bank Ambassador.
Set to further disrupt the traditional banking sector in the nation, Burna Boy will be promoting Standard Chartered Digital Bank in Nigeria by lending his voice and image rights through a series of Marketing and other engagement activities over the next 12 months.
Commenting on the new collaboration, Lamin Manjang, CEO, Nigeria, said: “We are thrilled to be working with the multitalented Burna Boy to launch our Digital Bank. Burna Boy is an inspiration, not only due to his musical excellence, but also because of passion and commitment towards youth empowerment and placing Nigeria on the global scene. His passion for empowering the youths and positively amplifying the Nigerian brand are very much in line with the Bank, making him an ideal partner for this momentous new offering. Going digital also means progression, not just for our business, but also for our clients, and we look forward to this new journey in banking”.
Dayo Aderugbo, Head of Corporate Affairs, Brand and Marketing, Nigeria said: “Burna Boy is the natural choice for us to partner with as we launch this exciting Digital Bank. This partnership opens up a great opportunity to contribute to the social and economic wellbeing of the country where we have been operating since 1999. The campaign which Burna Boy will spearhead aims at not only raising awareness for our innovative digital offering but also at further enhancing financial literacy and inclusion initiatives across the country, and this is an exceptionally important undertaking for the future of banking.’
Commenting on the partnership, Burna Boy said I am excited to be working with Standard Chartered Bank and privileged to be chosen to support their efforts to enhance accessibility to banking services for Nigerians. As a millennial, digitization is part of my daily life and I am glad a bank has taken this initiative to be an end to end digital bank in Nigeria. I am also looking forward to engaging my fans on social media to spread the word.”
Through the launch of the digital bank, Standard Chartered Bank and Burna Boy hope to bridge the gap between the traditional banking model and the new, digital savvy generation in Nigeria, aiming to make banking services simple, more accessible and convenient.