(Ecofin Agency) - Standard Bank plans to strengthen its digital banking services to maintain its leading position in the fintech environment.
Africa's largest bank by assets fears the erosion of its customer base due to stiff competition from financial technology companies that are entering the market. To stay ahead of the fintechs seeking opportunities on the continent, the South African banking group plans to increase the digitization of its banking systems and services.
In addition to this, the institution headed by Sim Tshabalala intends to pursue its expansion strategy in Francophone and East Africa. Standard Bank targets more specifically Ethiopia which, due to the reforms implemented by its Prime Minister, allows foreigners to invest in public enterprises. Tshabalala said the company wants to take advantage of trends in East Africa, particularly Ethiopia.
The bank listed on the Johannesburg Stock Exchange held up well in the first six months of the year, despite the difficult economic context caused by the health crisis.