Legacy to Revolutionary
Standard Chartered’s
Journey in Africa
By Sunil Kaushal CEO at Standard Chartered, AME
Africa was the birthplace of the mobile wallet in the mid-2000s, a digital payment revolution that was driven by necessity, given limited access to bank branches and banking services. Africa has made great strides in its mobile and digital adoption with some truly world-scale success stories, such as Safaricom’s MPesa . Airtel Money and MTN recently raised capital at very attractive valuations showcasing the ability of digital to create significant value. The COVID-19 pandemic, by stripping us of in-person interactions, has possibly pushed financial services in Africa into a ‘Goldilocks moment’. This transformation, wherein the combination of technology, platforms and customer demographics are taking place, can result in an explosive growth and lift financial participation, especially by providing equitable access to quality financial services. This also boasts a significant opportunity to promote greater gender equity in the financial sector and connect small businesses to local and regional hubs, possibly even to international markets. Confronting Roadblocks to Digitization However, as attractive as this African opportunity may sound, it clearly requires financial services incumbents to adopt an intent to self-disrupt
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THE FINANCIAL BRAND INSIGHTS WINTER 2021
THE FINANCIAL BRAND INSIGHTS WINTER 2021
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