Gaborone, 25th June 2019 – Standard Chartered Bank Botswana Limited today launched the groundbreaking, end-to-end digital-only retail bank to the Botswana market as part of a continued roll-out across the African continent. The digital-only retail bank has the customer at the heart, seeking to transform how people bank and transact across the country and further augment the Bank’s award-winning digital platforms that the Bank’s customers have become accustomed to.
The digital-only retail bank launch comes in response to growing consumer demand for digital solutions to their everyday lives including their banking services. The platform is delivered through an innovative Mobile App, which forms the basis of the first steps towards a truly digital experience, from account opening and activation, to funding and transacting. It offers customers an onboarding process of approximately 15 minutes, including registration and data input, KYC document upload, and – post activation, customers will have their debit card delivered to them at their location of choosing within 24 hours of the account being opened. –The platform provides more than 70 of the most common transactional service requests, including balance check, statements, peer-to-peer payments, QR payments, loan and overdraft facilities, and instant fixed deposits, to name a few.
Commenting on the launch, Standard Chartered Bank Botswana Limited CEO, Mr. Mpho Masupe; “Today was not about gauging the reaction to a new launch it was about proudly inviting Batswana to make the step up to a new way of banking – shifting mindsets of what banking was to what it should be… and for Standard Chartered Bank, what it is now. It is about demonstrating that we have a live platform that enables banking to fit to your lifestyle, not take away from it, not slow it down, but instead keep you going – securely, affordably, and conveniently.”
Customers, existing or potential, can enter the digital-only retail bank world by:
· Downloading the dedicated Standard Chartered Mobile App via the Google Play Store or the Apple Store (the App is compatible with both iOS and Android);
· Completing all registration details, including relevant document uploads and KYC compliance requirements;
· Confirming submission and location in order to trigger a Standard Chartered agent to come to you to activate the account (with security protocols and validations); and
· Funding your account in order to begin transacting. Funded accounts are also granted 2GB of mobile data, free, for the account holder, with no cost for account set-up.
“We live, in many ways, in a digital ecosystem, with real-time needs and a demand for agile facilities and platforms that support our lifestyles rather than hinder them. It is with this in mind that we are always looking to offer innovative and convenient solutions for our customers,” said Acting Head of Retail Banking, Mr. Letso Gaborekwe. “This development is very much in line with our long-term strategic ambitions; it aligns with the Bank’s overarchingstrategy to empower and support customers in a wholly inclusive manner. We are Here for good, and committed to making banking that much easier for people to craft their sustainable futures.”
Botswana is the 5th market globally to introduce the state-of-the-art new platform this year, after the Côte d’Ivoire pilot in 2018. Focused on the unique needs in an African context, alive to the fact that Africa’s banking market is the second-fastest-growing and second-most profitable globally, the digital-only retail bank has the quintessential African customer’s desired experience at the fore. Building on the offering, the Bank has engaged in strategic local alliances to create an appealing lifestyle banking proposition to provide customers offers across shopping, travel and dining.
CEO, Mpho Masupe concluded; “Importantly, beyond the appealing innovation and fit to the modern customer’s busy lifestyle, our end-to-end digital channel combines with mobile money solutions and mobile phone reach to offers an almost unrestricted reach for any person to be included in the banking ecosystem without the need for a brick-and-mortar structure. This is important in the pursuit of reaching the unbanked and promoting financial literacy through experience.”