Standard Chartered to launch a new digital bank account in Kenya

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Standard Chartered Bank Kenya has announced plans to launch a digital bank account in Kenya soon. The bank has launched similar services in Tanzania, Ghana, Côte d’Ivoire and Uganda.

The new digital bank account will be app based and will include features such instant account opening (available in Ksh. and US currencies), zero fee on bill payment, zero monthly ledger, no minimum balance, and free initial ATM cards. The new account will also give customers access to over 71 services via the account. The new account will be available by downloading the Standard Chartered mobile application via the Google play store and the Apple store.

The new accounts were first launched in Côte d’Ivoire in 2018 followed by a launch in Uganda in January 2019. They have recently been simultaneously launched in Tanzania and Ghana.

Standard Chartered Kenya is a subsidiary of the British multinational financial company Standard Chartered which is headquartered in London. Standard Chartered Kenya is one of the Kenya’s biggest banks and it was founded in 1910. It was listed on the Nairobi Securities Exchange (NSE) in 1989. It announced a net profit of Ksh. 6.3 billion for the nine month period ending September 2018. The bank registered a net profit of Ksh. 4.7 billion in the same period in 2017.

The bank joins Kenyan banks such as Equity Bank (Eazzy Banking), Barclays Bank Kenya (Timiza), Co-operative Bank of Kenya (MCo-oop Cash) and CBA Group (Loop) who have launched their own digital banking initiatives. Other digital banking efforts in Kenya have been pushed by loan apps led by Tala, Branch, Haraka and OKash. Some digital banking apps also offer loans and it will be interesting if the Standard Chartered one also does the same.

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