StanChart plans to introduce the service for its 1 million customers in Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016.
The banks strategy stands in contrast to European banks who have retreated from Africa. Barclays has retreated from the African market in March 2016 and in May 2016 the International Monetary Fund has cut its 2016 growth forecast for sub-Saharan Africa by 1 percentage point to 3 percent, the lowest level in 15 years, according to reuters.com.
StanChart is expanding its physical presence in the region, adding 10 branches in the Nigerian capital of Lagos as part of a strategy to focus on Africas capital and top-tier cities.
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