Dr. Emmanuel Oteng Kumah (left), Board Chairman, Stanchart, Mrs Mansa Nettey (2nd left), Dr Settor Amediku (2nd right) and Mr Henry Baye (right), Executive Director and Head of Retail Banking after the launch of the Mobile App

Stanchart launches full digital bank on mobile - Aims at deepening digital payments in Ghana

Emmanuel Bruce Business News Feb - 25 - 2019 , 05:21

Standard Chartered Bank has launched the SC Mobile App which allows customers of the bank to open accounts and enjoy all bank services on their mobile phones.

The application has been designed with continuous feedback from clients, incorporating innovative technology to allow clients to execute all banking activities.

The bank’s digital services are available by downloading the SC Mobile App on a phone.

The Chief Executive Officer of Stanchart Ghana, Ms Mansa Nettey, said the launch of the full digital bank was a key milestone in the bank’s digital transformation journey.

She said it also underlined its commitment to the socio-economic development of Ghana.

“Digitisation remains at the heart of our business strategy. Our continuous investment in this regard will significantly advance financial inclusion in the country,” she stated.

“The digital bank comes with world class digital capabilities, bringing greater convenience to clients and also enabling them to live their lives and passions while banking on the go,” she added.

“With the app, you can open an account after you open the account a professional rider from Ghana Post will deliver a debit card free of charge to any destination of your choice within 48 hours,” she said.

Deepening digital payments

The CEO also pointed out that the launch of the application signified the bank’s commitment to deepen the digital payment system in the country.

“There have been a financial evolution across Africa and Ghana and this evolution is being led by mobile phones. With a population of about 30 million, 32 million people are registered mobile money users and 37 per cent of payments in Ghana are digital,” she noted.

“SC mobile is going to further deepen this evolution and set the path for disruption in traditional banking,” she added.

Revolutionise payment systems

The Head of Payment Systems at the Bank of Ghana, Dr Amediku Kwabla Settor, commended Stanchart for taking such a giant step to come up with such an innovative product.

He said this was going to revolutionalise and deepen payment systems in the country.

“The Ghanaian digital system has been very competitive and I am very happy to have Stanchart come on board. This launch represents a milestone in the transformation journey which we are collectively embarking on,” he stated.

“If you look at the Ghanaian banking industry, we have been doing banking for the last 70 years but currently bank account numbers stands at 12.5 million while mobile money accounts is around 32 million as of December 2018,” he added.

“This tells us that we cannot continue the same way of doing banking,” he said.