Standard Chartered Bank launches 83 Million Kenyan Shilling Mobile Digital Platform in Kenya

[Vizboy]

Standard Chartered Bank, has launched its Mobile Digital Platform in Kenya. This was initially announced in February of 2018, when Standard Chartered stated that it will launch its digital solution in four key markets during the first quarter of 2019. The bank said the service would first be launched in Uganda in January of 2019, followed by Tanzania in February, with Ghana and Kenya to follow.

Standard Chartered Bank’s Mobile Digital Platform was officially launched in Kenya, on the 11th of March 2019.
The new platform will allow clients to open an account in less than 15 minutes, transact, borrow, save, invest, insure and even protect their wealth online without having to visit a branch.

Standard Chartered says it invested Ksh 83.4 million in building the platform that will provide over 68 services on your phone including; updating account information, activate or stop your Card, bill payments; stop or block a cheque, fixed deposit creation and termination, funds transfer locally and internationally among others.
Speaking at the launch, Standard Chartered Bank Kenya Managing Director and CEO Kariuki Ngari said the Bank will continue to make strategic and sustainable investments in technology that will complement its innovation agenda, as well as enhance its digital offerings and client experiences. Additionally, the rollout will also see the Bank engage in strategic local alliances to create an appealing lifestyle banking proposition.
Have you used the Standard Chartered Mobile Platform yet? If yes, what was your experience like? Did it live up to your expectation(s)? Talk to us, let us know your thoughts.

“At Standard Chartered we have responded to new trends and the evolving needs of Kenyans with a strategic intent of being Digital by Design through innovation and technology. Digitalization to us means a disruption from traditional and conventional ways of banking to transforming banking business to conform to the lifestyles of our clients. In a nut shell, our clients do not need to stop doing what they love doing, for example spending time with their loved ones, teeing off, taking a spot-kick, relaxing, or even taking time off work, to do banking; the Bank is now available at the palm of their hands; anywhere, anytime, anyhow,” Mr. Ngari said.

https://i0.wp.com/mpesapay.com/wp-content/uploads/2019/03/Stanchart.jpg?w=735

Kenya is the fifth market in Africa within the Standard Chartered network to launch the digital-only retail bank alongside Cote D’vore, Ghana, Tanzania and Uganda.
The full end to end digital solution can be accessed by downloading or upgrading the SC mobile App via Google play store or Apple store and is available for both existing and new clients to open a Standard Chartered Digital Life Account anywhere, anytime.

source: http://mpesapay.com/standard-chartered-bank-launches-83-million-kenyan-shilling-mobile-digital-platform-in-kenya/

[gashwin]

What is to protect their wealth online without visiting the bank? Hapo mbeleni kwani walikuwa wanaenda kukaa bank na rungu?

[M2Random]

Stanchart (K)and Barclay’s (K) are dead horses. Their operations are restricted to Kenya because their parent companies have subsidiaries in other nations too. Their market share will continue to shrink until their parent companies sell at a loss, or consolidate African operations into one company.

[mtadao]

Equity has been having a similar platform for ages na hawasumbui

[gashwin]

@mtadao

Equity has been having a similar platform for ages na hawasumbui

And then they are so cheap wanapatia intern kazi ya kuandika press release.

[sani]

wanatuambia walitumia 84 million ndo nni ifanyike?

[Koolibah]

@sani

wanatuambia walitumia 84 million ndo nni ifanyike?

Waliconiwa na app developer.
Nothing new in the app.

[Tia_Dalma]

Hehe, Mimi nilienda na pesa ya CEO, Mr. Ngari.

[GERALD9949]

@M2Random

Stanchart (K)and Barclay’s (K) are dead horses. Their operations are restricted to Kenya because their parent companies have subsidiaries in other nations too. Their market share will continue to shrink until their parent companies sell at a loss, or consolidate African operations into one company.

Given that they are making billions in profit and have clients whose relationship with them goes back decades, I doubt it.

[Matusi_baadae]

@Tia Dalma

Hehe, Mimi nilienda na pesa ya CEO, Mr. Ngari.

Wakili ulizipeleka kwa mganga ama nini?

[YuleMseeMbaya]

@GERALD9949

Given that they are making billions in profit and have clients whose relationship with them goes back decades, I doubt it.

Their stocks are also performing well in the NSE, and i bank with Standard Chartered and i can tell you that this bank is light years ahead of Co-operative Bank et al. in terms of efficiency,the bank will continue getting clients

[M2Random]

@GERALD9949

Given that they are making billions in profit and have clients whose relationship with them goes back decades, I doubt it.

Have you checked their financial performance in the last 5 years and compared that to KCB and Equity?? You are thinking from a customer’s perspective, and I made my point from an investor’s perspective.

[M2Random]

@YuleMseeMbaya

Their stocks are also performing well in the NSE, and i bank with Standard Chartered and i can tell you that this bank is light years ahead of Co-operative Bank et al. in terms of efficiency,the bank will continue getting clients

You guys just don’t get it do you?? The two banks are lagging behind in the banking industry because their growth is limited to Kenya. You are thinking like a customer, not an investor. Would I bank at Stanchart/Barclay’s? Sure. Would I buy their stock? Hell no.
If you have any doubts, I suggest you check their financial results for the last five years, then compare their profit growth to Equity and KCB.
Bottomline: Barclay’s and Stanchart are bad investments but good bankers. Yeah. It is possible to be both if you can tell the difference between a good service provider and a good investment.

[GERALD9949]

@M2Random

Have you checked their financial performance in the last 5 years and compared that to KCB and Equity?? You are thinking from a customer’s perspective, and I made my point from an investor’s perspective.

I am looking at it from a bank and client size perspective.
Standard Chartered is making billions out of a customer base of less than a million clients. Equity is making double of what Stanchart is making with ten times the clientele.As such, Stanchart is doing quite well. In fact I would say it must have some of the lowest operating costs after Citibank Kenya which made 3 billion in profits out of a client base of less than 200,000!!
You can know this even based on the bonuses that the banks give to employees at the end of the year, Equity and Family Bank pay the lowest bonuses, around 100k
Meanwhile many of those in Stanchart get millions.

[Nyamgondho]

@M2Random

You guys just don’t get it do you?? The two banks are lagging behind in the banking industry because their growth is limited to Kenya.

Kwa hifyo tulenge sufferingcom kwa sababu its growth is also limited to Kenya?

[M2Random]

@GERALD9949

I am looking at it from a bank and client size perspective.
Standard Chartered is making billions out of a customer base of less than a million clients. Equity is making double of what Stanchart is making with ten times the clientele.As such, Stanchart is doing quite well. In fact I would say it must have some of the lowest operating costs after Citibank Kenya which made 3 billion in profits out of a client base of less than 200,000!!
You can know this even based on the bonuses that the banks give to employees at the end of the year, Equity and Family Bank pay the lowest bonuses, around 100k
Meanwhile many of those in Stanchart get millions.

Exactly. Then you shouldn’t have responded to someone arguing from an investor’s perspective because you were not responding to the issue that I was raising. Stop arguing with an investor from the perspective of an employee (giving bonuses to employees) or a customer because we clearly aren’t taking about the same thing. I told you to read the financials of the company and verify.

[M2Random]

@Nyamgondho

Kwa hifyo tulenge sufferingcom kwa sababu its growth is also limited to Kenya?

Have you checked the earning’s trend for safaricom? Obviously not. Safaricom is far from exhausting the Kenyan market. The telecommunications industry in Kenya is far from where the banking industry is. There is still a lot of room for growth there unlike banking which is saturated. Safaricom is where Stanchart and Barclays were between 2001-2010 when there was still room for growth locally.
At some point, Safaricom’s earnings will plateau and then begin to decline if they don’t expand outside Kenya. Only that Safaricom hasn’t reached that stage yet being a relatively young company compared to banks.

[GERALD9949]

@M2Random

Exactly. Then you shouldn’t have responded to someone arguing from an investor’s perspective because you were not responding to the issue that I was raising. Stop arguing with an investor from the perspective of an employee (giving bonuses to employees) or a customer because we clearly aren’t taking about the same thing. I told you to read the financials of the company and verify.

Clearly English is not your forte.
From a FINANCIAL perspective then Standard Chartered is WELL ABOVE Equity and KCB because it can get more from its consumer deposits than the two banks ever will!!
As such Equity and KCB are more likely to be the ones closing shop than Stan Chart ever will.
SMH.
Did you read the entire thing???

[GERALD9949]

@M2Random

Have you checked the earning’s trend for safaricom? Obviously not. Safaricom is far from exhausting the Kenyan market. The telecommunications industry in Kenya is far from where the banking industry is. There is still a lot of room for growth there unlike banking which is saturated. Safaricom is where Stanchart and Barclays were between 2001-2010 when there was still room for growth locally.
At some point, Safaricom’s earnings will plateau and then begin to decline if they don’t expand outside Kenya. Only that Safaricom hasn’t reached that stage yet being a relatively young company compared to banks.

Actually banking is far from saturated .
A Nation’s banking industry would be said to be saturated if we are a developed natio n and growth is under 2%.
People like pointing out we have 44 banks.
Correct.
But half of those banks specialize in specific areas that are not certaintly saturated.
The primary focus of a bank like NIC is Corporate.Not retail.Retail customers are simply an extra benefit.
These smaller banks like Baroda serve specific communities.
Before the rate cap, Chase and Jamii Bora were primarily SME

[M2Random]

@GERALD9949

Clearly English is not your forte.
From a FINANCIAL perspective then Standard Chartered is WELL ABOVE Equity and KCB because it can get more from its consumer deposits than the two banks ever will!!
As such Equity and KCB are more likely to be the ones closing shop than Stan Chart ever will.
SMH.
Did you read the entire thing???

Why don’t you read the financial statements and come back with facts.Explain why the EPS of stanchart and Barclay’s have been declining while Equity and KCB have managed to increase their EPS. I think you have limited knowledge in finance and that is why you can’t read the writing on the wall.