Stanchart invests $1.5bn in digital banking
Published On July 21, 2016 » 2033 Views» By Bennet Simbeye » Business
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By HELEN ZULU –
STANDARD Chartered Bank (Stanchart) Group has set aside US$1.5 billion for investment in digital banking globally, with Zambia already benefitting through the online banking platform.
Stanchart Zambia chief executive officer Andrew Okai said the Standard Chartered Group would invest $1.5 billion in digital banking over the next three years.
He said as a key African market, Zambia was already benefitting from the investment.
Mr Okai was speaking during the launch of the bank’s mobile application in Lusaka on Wednesday evening.
“SC Mobile application and indeed our refreshed online banking platform and new Automated Teller Machines are all part of our global digital strategy.
“The Standard Chartered Group is investing US$1.5 billion into digital banking globally over the next three years,” Mr Okai said.
He said the mobile application would enhance e-commerce and the ease of doing business as it was designed to bring banking directly to clients to meet their individual lifestyle needs, conveniently and securely.
Mr Okai noted that small business owners were increasingly using smartphones to get market data and reach their client base.
He noted that removing the need to physically visit a branch gave clients more time to focus on growing their businesses.
Mr Okai said since the application was rolled out a month ago, more than 4,000 clients had downloaded it, adding that the number was expected to grow as more features were added such as digital television (TV) payments.
Commerce, Trade and Industry Minister Margaret Mwanakatwe said the Government was determined to ease doing business in the country.
Ms Mwanakatwe said it was in this regard that the Government was committed to providing a conducive environment for businesses to grow and prosper.
She said the Government’s principle was to create pro-poor inclusive growth aimed at creating real wealth and jobs for the people by rehabilitating and upgrading the country’s infrastructure, and diversifying the economy into a more manufacturing-oriented base.
The minister said the application would enhance financial inclusion for the unbanked and entrepreneurs living in rural areas as this was in line with Government’s principles.

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