You can use WP menu builder to build menus
Go to...
    Technext Technext
    • Home
    • News
      • Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable
        Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable
        December 6, 2019 0
        63
      • Nigeria’s Crop2cash and 9 African Startups to Pitch for US$500,000 at the Seedstars World Competition
        Nigeria’s Crop2cash and 9 African Startups to Pitch for US$500,000 at the Seedstars World Competition
        December 6, 2019 0
        78
      • Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria
        Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria
        December 6, 2019 0
        71
      • Uber Continues African Expansion, Announces Official Launch in Côte d’Ivoire
        Uber Continues African Expansion, Announces Official Launch in Côte d’Ivoire
        December 6, 2019 0
        56
      • Bukola Saraki’s New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?
        Bukola Saraki’s New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?
        December 5, 2019 0
        134
      • Gov. Sanwo-Olu Provides N250M Seed Fund to Lagos State Science and Tech Council to Fund Tech Industry
        Gov. Sanwo-Olu Provides N250M Seed Fund to Lagos State Science and Tech Council to Fund Tech Industry
        December 5, 2019 0
        81
      • GIGM’s Mobile App is a Beautiful Fusion Between Tech and Mobility. But They are Some Unanswered Questions
        GIGM’s Mobile App is a Beautiful Fusion Between Tech and Mobility. But They are Some Unanswered Questions
        December 5, 2019 0
        56
      • Here was how 14-Year Old Adeola Ademuwa Ifeoluwa, Emerged MTN’s First Kid CEO
        Here was how 14-Year Old Adeola Ademuwa Ifeoluwa, Emerged MTN’s First Kid CEO
        December 5, 2019 0
        88
      • Uber CEO Reveals that Uber Might be Starting a Delivery Service for Retail Businesses
        Uber CEO Reveals that Uber Might be Starting a Delivery Service for Retail Businesses
        December 5, 2019 0
        87
    • Reviews
      • Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria
        Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria
        December 6, 2019 0
        71
      • GIGM’s Mobile App is a Beautiful Fusion Between Tech and Mobility. But They are Some Unanswered Questions
        GIGM’s Mobile App is a Beautiful Fusion Between Tech and Mobility. But They are Some Unanswered Questions
        December 5, 2019 0
        56
      • NCC Report: MTN and Airtel Gain Over 800,000 Internet Subscribers in October, Glo and 9mobile Suffer Losses
        NCC Report: MTN and Airtel Gain Over 800,000 Internet Subscribers in October, Glo and 9mobile Suffer Losses
        December 4, 2019 0
        72
      • “I Thought it Would Have a Few Retweets and Nothing Else”- Innoson Logo Designer Farouq Osuolale Talks About His Works and Life Since Innoson
        “I Thought it Would Have a Few Retweets and Nothing Else”- Innoson Logo Designer Farouq Osuolale Talks About His Works and Life Since Innoson
        December 3, 2019 0
        170
      • Tech Events in Africa: Art of Technology Lagos, Seedstars Summit Africa, Lagos Innovation and Entrepreneurship Conference
        Tech Events in Africa: Art of Technology Lagos, Seedstars Summit Africa, Lagos Innovation and Entrepreneurship Conference
        December 3, 2019 0
        99
      • Social Media Roundup: Fans Celebrates with Mavin Boss Don Jazzy as he Unveils the Mavin Mansion.
        Social Media Roundup: Fans Celebrates with Mavin Boss Don Jazzy as he Unveils the Mavin Mansion.
        December 1, 2019 0
        125
      • Meet Funnel, an E-Logistics Startup that Helps Online Sellers Deliver to Buyers With Ease
        Meet Funnel, an E-Logistics Startup that Helps Online Sellers Deliver to Buyers With Ease
        November 27, 2019 0
        159
    • Features
      • Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable
        Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable
        December 6, 2019 0
        63
      • Bukola Saraki’s New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?
        Bukola Saraki’s New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?
        December 5, 2019 0
        134
      • Here was how 14-Year Old Adeola Ademuwa Ifeoluwa, Emerged MTN’s First Kid CEO
        Here was how 14-Year Old Adeola Ademuwa Ifeoluwa, Emerged MTN’s First Kid CEO
        December 5, 2019 0
        88
      • We Heard Users Can Sign-up, Get Personal Account Numbers in 2 Minutes Using the Globus Bank App… And, We Tried it!
        We Heard Users Can Sign-up, Get Personal Account Numbers in 2 Minutes Using the Globus Bank App… And, We Tried it!
        December 2, 2019 0
        192
      • 46% of the World’s Registered Mobile Money Customers are Based in Africa – Fintech Industry Report
        46% of the World’s Registered Mobile Money Customers are Based in Africa – Fintech Industry Report
        November 28, 2019 0
        152
      • Campus Bicycle-sharing Company, Awabike Expands to Ahmadu Bello University
        Campus Bicycle-sharing Company, Awabike Expands to Ahmadu Bello University
        November 27, 2019 0
        164
      • Data Science Nigeria Holds 2019 AI Summit with Talks, Inter-School Debate and Launch of the First-Ever AI Textbook in Africa
        Data Science Nigeria Holds 2019 AI Summit with Talks, Inter-School Debate and Launch of the First-Ever AI Textbook in Africa
        November 20, 2019 0
        201
    • Contact Us
    Go to...
      Home»News » Why Standard Chartered Excluded Nigeria From Its New Digital-Only Retail Banking

      Why Standard Chartered Excluded Nigeria From Its New Digital-Only Retail Banking

      Idris AbubakarIdris Abubakar
      February 7, 2019
      0 Comments
      2
      Why Standard Chartered Excluded Nigeria From Its New Digital-Only Retail Banking

      Standard Chartered Bank is the latest bank to catch the digital banking fever. The UK bank has announced the rollout of its digital only retail bank in Africa.

      Standard Chartered Bank Unveils its Second Wave of Digital Retail Banks in Africa https://t.co/s2Y19PftLe pic.twitter.com/zbnlbC5AtU

      — Annews24 (@AfricanewsT) February 1, 2019

      French-speaking West Africa country, Ivory Coast was the first to get the digital banking experience when Standard Chartered first rolled out its digital banking innovation last year.

      But now, Standard Chartered has announced that its digital bank will be available in four other African countries. They include Uganda, Ghana, Kenya and Tanzania. The retail only digital bank is billed to be introduced into these countries by the end of the first quarter of 2019.

      However, the selection of these countries raises one important question: Why was Nigeria not considered or it?

      Why Was Nigeria Excluded?

      At the risk of sounding like a big cry baby, Nigeria should be the number one market for this sort of product. With a population of over 180 million and being Africa’s largest economy, it just doesn’t make sense that Nigeria is left out.

      Standard Chartered excludes Nigeria in digital-only retail banks rollout – https://t.co/H0pdMRIcEG pic.twitter.com/cXjd19hT1Q

      — ITPulse (@ITPulse_News) January 31, 2019

      But one reason may explain this: As of now, the Nigerian economy is a bad market for digital innovations.

      Despite the superb growth of startups and digital innovations recorded in Nigeria recently, digital operations still struggle in Nigeria.

      In 2018, Efritin, a classified listing website, quit Nigeria shockingly. Then Konga, one of the country’s leading e-commerce platforms, got devalued for less than a tenth of its original valuation. The struggling company was sold to Zinox for a reported $10 million. OLX, the biggest classifieds listing website also ended physical operations in Nigeria.

      @wemabank @alat_ng I reported an issue of multiple failed USSD airtime recharge attempts on the 26th of January, it was acknowledged on the 28th and I received a mail saying the resolution status would be communicated in 48 hours. This is the 8th day, and still no word from you

      — Daddy Artisan 💻 (@blvckcoder) February 4, 2019

      Even ALAT the country’s biggest digital bank is struggling these days. After a brief period of growth between 2017 and 2018, the app is drawing a lot of negative reviews recently.

      Looking at these examples, it isn’t hard to decipher that Nigeria is not quite a stable digital market presently. This perhaps explains why Standard Chartered excluded Nigeria from its target market?

      Is Nigeria Really That Bad?

      Yet beyond these, Nigeria is not as bad as she appears. For one thing, there are actually very few challenges to digital banking in Nigeria. There are few regulatory problems in the country and the obvious problem of identity verification has been fairly covered thanks to BVN verification.

      Also, Uganda, Tanzania and Ghana each possess similar banking cultures and practices as Nigeria. As a matter of fact, some of Ghana’s biggest banks are atcually Nigerian.

      Nevertheless, another possible explanation why Standard Chartered excluded Nigeria could be due to the bank’s own limited exposure in Nigeria.

      Standard Chartered is not Popular in Nigeria

      Standard Chartered, as it is now, entered the Nigerian market in 1999. But after 20 years in the country, the bank has only 35 branches. Its operation is largely restricted to Lagos, Abuja and Port Harcourt. The bank is largely focused on corporate financing and even its commercial banking team became based in Nigeria for the first time in 2015.

      So from all angles, Standard Chartered is too unknown in Nigeria to successfully pull off digital banking. This could explain why Nigeria is not yet on its cards.

      However, the bank hasn’t ruled out Nigeria completely. Standard Chartered Bank considers Nigeria a growth market. Plus, the roll out of the digital bank is in stages. Perhaps in quarter two, it may consider Nigeria.


      If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


      SUBSCRIBE

      Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


      Comments

      Share :
      • Facebook
      • Twitter
      • Google+
      • Pinterest
      • Linkedin
      • Email
      Idris Abubakar

      Idris Abubakar

      Abubakar Idris has interests in all things web, business and tech innovations. I write to inform.

      Facebook Set to Establish Content Review Centre in Kenya
      Next article
      Facebook Set to Establish Content Review Centre in Kenya
      Mixed Reactions as Facebook Messenger Now Allows Users Delete Messages
      Previous article
      Mixed Reactions as Facebook Messenger Now Allows Users Delete Messages

      Related Posts

      • Features, News December 6, 2019

        Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable

        Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable
        News December 6, 2019

        Nigeria's Crop2cash and 9 African Startups to Pitch for US$500,000 at the Seedstars World Competition

        Nigeria’s Crop2cash and 9 African Startups to Pitch for US$500,000 at the Seedstars World Competition
        News, Reviews December 6, 2019

        Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria

        Social Media Roundup: Jubilation all over Social Media as Cardi B Storms Nigeria
      • News December 6, 2019

        Uber Continues African Expansion, Announces Official Launch in Côte d’Ivoire

        Uber Continues African Expansion, Announces Official Launch in Côte d’Ivoire
        Features, News December 5, 2019

        Bukola Saraki's New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?

        Bukola Saraki’s New Love for the Nigerian Fintech Sector: Bold Move or Just Another Political Ruse?
        News December 5, 2019

        Gov. Sanwo-Olu Provides N250M Seed Fund to Lagos State Science and Tech Council to Fund Tech Industry

        Gov. Sanwo-Olu Provides N250M Seed Fund to Lagos State Science and Tech Council to Fund Tech Industry

      Search This Site

      Click Here: Bitcoin Recent Prices

      Sign up for Newsletters

      Youtube

      subscribeSubscribe to our channel
      Sorry, there was a YouTube API error: Daily Limit Exceeded. The quota will be reset at midnight Pacific Time (PT). You may monitor your quota usage and adjust limits in the API Console: https://console.developers.google.com/apis/api/youtube.googleapis.com/quotas?project=759197990885 Please make sure you performed the steps in this video to create and save a proper server API key.

      Popular News

      • Crop2Cash Beats 10 Other Startups to Emerge Winner of Seedstars Lagos Pitch Event
        Crop2Cash Beats 10 Other Startups to Emerge Winner of Seedstars Lagos Pitch Event
        November 12, 2019 0
      • Broadbased Communications and Dolphin Telecoms Sign MoU on Wholesale Internet Distribution to Telcos, ISPs
        Broadbased Communications and Dolphin Telecoms Sign MoU on Wholesale Internet Distribution to Telcos, ISPs
        September 23, 2019 0
      • OAU Will Become the First Nigerian University to Generate its Own Electricity by October 2019
        OAU Will Become the First Nigerian University to Generate its Own Electricity by October 2019
        July 16, 2019 0
      • Meet Damilare Akano, Africa’s Youngest Microsoft Specialist
        Meet Damilare Akano, Africa’s Youngest Microsoft Specialist
        September 30, 2019 0
      • Google at 20: Here are 6 Things You Need to Know About the Tech Giant
        Google at 20: Here are 6 Things You Need to Know About the Tech Giant
        September 25, 2018 0

      Follow Us

      • 0 Fans
      • 2478 Followers

      Latest Tweets

      • technextdotng New post: Nigeria Ranked 52nd on the Global Fintech Country Rankings By Findexable https://t.co/zMmCdHRpR6
        about 2 days ago
      • technextdotng The weekend is usually the most anticipated time of the week. With the business week over, there is always a sense… https://t.co/i62k75RUSg
        about 2 days ago
      • technextdotng New post: Nigeria's Crop2cash and 9 African Startups to Pitch for US$500,000 at the Seedstars World Competition https://t.co/GvS3KJUrd5
        about 2 days ago
      • technextdotng More photos from the14-Year Old Adeola Ademuwa Ifeoluwa, who won the #MTN spelling bee competition and Emerged MTN’… https://t.co/exNMkWPQwZ
        about 2 days ago

      Instagram

      technextdotng

      Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
      http://ow.ly/ayTM30mSlGS

      Instagram post 2193023839259300924_5682796573 More photos from the14-Year Old Adeola Ademuwa Ifeoluwa, who won the #MTN spelling bee competition and Emerged MTN’s First Kid CEO.

#WeAreTechnext #MTNmPulse #News #technews #News #technextng #mtnpulse
      Instagram post 2192907205521468539_5682796573 Global ride-hailing giant, Uber Technologies has officially launched its operations in Abidjan the capital of Côte d’Ivoire on Friday, December 6, 2019.

The launch was announced by Marjorie Saint-Lot, the Country Manager for Uber Côte d’Ivoire after 12 months of successful engagements with regulatory bodies and relevant industry stakeholders in the country.
Speaking at the launch, Saint-Lot said she was thrilled about what it represents for people and businesses in Abidjan. Read full story on Technext.ng. .
.
.
#WeAreTechnext #technews #News #technextng #technology #WeAreTechnext #Africa #like4likes #Uber #Ridehailing #Abidjan
      Instagram post 2192343769272237192_5682796573 @bukolasaraki Drums Support for Nigerian 'Fintech Sector: Bold Move or Just Another Political Ruse?

The former senator announced this in a tweet where he alluded to have engaged in a series of meetings in New York with venture capitalists. “In NYC for a series of meetings with Venture Capitalists who have shown great interest in the fintech space in Nigeria. I’m hoping we could exchange ideas on how to move the needle further,” he said in a Twitter post.
The identities of the venture capitalists however are yet unknown. The pictures shared alongside the tweet show one man conversing with Mr Saraki, but, otherwise, no names or further identification were provided. .
.
.
#WeAreTechnext #TechNews #News #technextng #technology #bukolasaraki #Nigeria
#Fintech #twitter #Politics #Senator
      Instagram post 2192330123481462648_5682796573 Gov. @jidesanwoolu  Provides N250M Seed Fund to Lagos State Science and Tech Council to Fund Tech Industry 
The announcement was made by the executive Governor of Lagos State, Jide Sanwo-olu at the Art of Technology Lagos event 1.0 tagged “Bridging the Gap” held in Lagos, today.
Speaking at the event, Sanwo-olu said the funds will be accessible to help tech entrepreneurs and innovators achieve their dreams. Read full story on Technext.ng. .
.
.
#WeAreTechnext #technews #News #technextng #technology #SanwoOlu #ArtofTechLagos #fintechstartup #lagosstate #Lagos #News #technextng #foragreaterlagos
      Instagram post 2192183050371133127_5682796573 @uber CEO Reveals that Uber Might be Starting a Delivery Service for Retail Businesses

The possible expansion was revealed by Uber CEO, Dara Khosrowshahi in a meeting at the Economic Club of New York. He explained that the company can extend the Uber Food delivery model to deliver anything.

He said that he envisions Uber as the Amazon (market place) for transportation, offering virtually any form of transportation whether Uber, taxi, subway, scooter and also helping commuters decide the best way to get to their destination. Read full story on Technext.ng. .
.
.
#WeAreTechnext #technews #News #technextng #technology #UberTechnology #uberboat #Uber #Amazon
      Instagram post 2192024636793866875_5682796573 NCC Report: #MTN and #Airtel Gain Over 800,000 Internet Subscribers in October, #Glo and #9mobile Suffer Losses

While MTN and Airtel each gained over 400,000 subscribers (MTN – 488,120; Airtel – 420,031), every other telco lost subscribers including Visafone. This is the first time in 5 months that MTN has gained such large number of subscribers. The last was in May when it gained over 2 million internet subscribers. Read full details on Technext.ng. .
.
.
#WeAreTechnext #technews #News #technextng #technology #Google #NCC #Internet #subscribers #MTN #telecom #Globacom #Airtel
      Load More... Follow on Instagram

      Random News

      • NITDA is Set to Regulate the Use of Free WIFI in Nigeria, But There’s No Cause for Alarm
        NITDA is Set to Regulate the Use of Free WIFI in Nigeria, But There’s No Cause for Alarm
        January 24, 2019 0

        Public WIFI usage could soon get a little bit complicated in Nigeria. The National Information Technology Development Agency (NITDA) ...

        Read More
      Copyright 2019 technext.ng