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Standard Chartered promises to grow Nigerian economy.

Standard Charted promises to grow Nigerian economy

Despite the depressing economy, Standard Chartered has disclosed its commitment to grow the Nigerian economy as it promised to open 10 branches in Lagos within the next 6 months.

Specifically, while opening the first of ten new city branches at Lagos’ Circle Mall along Lekki/Epe Expressway,  Karen Fawcett, CEO of Retail Banking , who disclosed this stated that the branches compliment the bank’s ongoing investment into digital infrastructure, while aligning with its focus on rapidly expanding cities across its global footprint in Africa, Asia and the Middle East.

According to him  “Through its recently launched ‘Here for Africa’ campaign, Standard Chartered has reiterated its commitment to the continent and will continue to invest in its regional strategy, with Nigeria as a key focus for expansion. One of the eight fastest-growing cities in Africa, Lagos generates 25 per cent  of Nigeria’s total gross domestic product.”

Karen Fawcett, CEO of Retail Banking, opened the new branch with Regional CEO for Nigeria, Cameroon and Cote d’Ivoire Bola Adesola and the Bank’s Head of Retail Banking for Nigeria, Ebehijie Momoh. Circle Mall Branch is one of the Bank’s compact ‘smart branches’ and will feature iPads with free wifi that clients can use to access or learn more about digital channels.

CEO for Nigeria, Bola Adesola, in her comment said “Our Retail Banking business in Nigeria has been growing from strength to strength, with income increasing 12 per cent  year-on-year in 2015.  Thanks to the support from Government and the Nigerian people, we will continue to invest in our capabilities to deliver increasingly efficient, cost effective and accessible banking for all our clients.  With 10 more branches, we aim to extend the reach and accessibility of banking, while freeing up our clients’ time to focus on their personal priorities.”

The World Economic Forum cites Lagos as the fastest-growing city in the world, expanding at a rate of 85 people per hour.  By 2050, Lagos’ population is expected to double, which will make it the third largest city in the world.

Karen Fawcett, Group Head of Retail Banking added, “We’re very excited about the opportunities in Nigeria and the Africa region. So we’re investing here to bring the best in banking through digital channels, as well as giving clients the choice of coming to a branch when they want advice and a more personal touch.”

Standard Chartered has recently launched new mobile and online banking platforms in 8 markets across Africa, including Nigeria, bringing cutting-edge digital channels to 1 million clients in the region.  It is now rolling out biometric authentication in Nigeria and 7 more African markets this year, giving clients access to mobile banking services on smartphones and iPads with the touch of a finger.  Nigeria also has the Bank’s Retail Workbench, a digital sales-and-service tool that makes banking services like loan approvals fast, simple and paperless.

Vanguard.

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