Standard Chartered Bank has rolled out its digital-only banking proposition in 4 more African markets after a successful launch in Ivory Coast. The second phase roll out is taking place in Uganda, Tanzania, Ghana and Kenya. The bank has introduced digital-only banks in the African countries in order to make up the lost ground to telco-based mobile-money services. It is offering a full range of up to 70 online and mobile-only financial products, including money transfers and bill payments, QR code and P2P payments, loan and overdraft facilities and instant fixed deposits. Uganda Central Bank governor Emmanuel Mutebile welcomed the initiative. He said there will continue to be disruption in the banking sector. Institutions that fail to keep up might lose out and at the very worst be pushed out of business in the long run.
