In contrast with some European banks that decided to reduce their assets in Africa, Standard Chartered has decided to boost its presence on the continent. The bank which is one of UK’s 30 biggest stock capitalizations just revealed its intention to launch its mobile and online banking platform in eight African nations.  

The service will be launched for StanChart’s million customers in Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe. “Africa’s populations are moving quickly to embrace mobile banking and local banks have made material investments on the digital side, so to protect and grow our market we are investing,” StanChart Africa’s head for retail banking Jaydeep Gupta said, cited by Reuters.

Gupta added that the service will be launched in the first semester of this year, highlighting that the bank wished to increase on the long term revenues of its retail banking business in Africa, at a pace three or four times greater than Africa’s economic growth.

StanChart’s expansion strategy in Africa goes against the move of its European rivals who are exiting the continent amid falling commodity prices and weakening local currencies.

In March 2016, Barclays revealed its intention to reduce its 62.3% stake in its African unit, until deconsolidation. Due to headwinds blowing over the continent, banking values crumbled and some institutions closed in countries like Kenya and Zambia. However, while the International Monetary Fund (IMF) just scaled down its growth forecast for Sub Saharan Africa by a percentage point to 3%, the region’s lowest level in 15 years, Standard Chartered has decided to reinforce its assets in Africa. The bank just opened 10 new offices in Lagos, Nigeria, and now eyes major African cities, which, according to Gupta, generate 80% of revenues in terms of retail banking.

Let’s recall that Standard Chartered recorded a net loss of $32 million in Africa in 2015, as its bad debts increased.

“Africa is a multi-speed market with some countries such as Kenya bounding ahead while others like Zimbabwe and Nigeria remain challenging, but we see attractive long-term growth opportunities for the continent,” Gupta said.

StanChart’s optimism is shared by Barclays’ former CEO, Bob Diamond, who is presently going to great lengths to takeover Barclay’s stake in Barclays Africa, despite the $2 million loss that his holding, Atlas Mara, which already has major stakes in various African banks, recorded in 2015.