Côte d'Ivoire: One of UK’s Biggest Banks Is Going Digital in Africa for a Share of the Mobile Money Market
UK bank, Standard Chartered, is making a play for the mobile financial services market in Côte d’Ivoire—where it has no physical presence—with the launch of its first digital-only retail bank. The bank will offer digital services allowing users make transfers and pay bills.
The success story of mobile money and payments in several African countries has been a boon for financial inclusion and a significant victory for telecoms companies like Safaricom and MTN. In contrast however, that success has caught major traditional banks off-guard, leaving them to play catch-up.