As competition for Uganda’s banking sector goes mobile, Standard Chartered Bank Uganda (StanChart) has announced a new strategy to dominate digital banking in Uganda.
Addressing the press at their head offices in Kampala on Wednesday, Albert R. Salton, the StanChart Uganda Managing Director, said that the clients’ needs have constantly changed and the bank has to remain relevant by investing heavily in technology.
He said that Standard Chartered Bank Group has set aside US$1.5bn (Shs5.5 trillion) to be invested in technology and digital upgrade globally over a period of three years.
“Traditional banking in the past required physical interfaces with the bank executives, but it is no longer the sole option for banking as trends change rapidly,” Salton said, adding that the bank is set to close some branches that don’t make business sense.
He added that StanChart Uganda performance is still stable and they are still committed to stay in Uganda and Africa despite reported economic turbulence in the country.
“Our commitment to Uganda goes beyond our 105 years legacy in the country; It is our unwavering belief in the future and potential of Uganda market that makes us a trusted partner,” he said.
He said that the Uganda’s economic growth lies in the great opportunities presented by oil and gas and agriculture sectors among others.
The Bank also launched “Live your Dream” campaign aligned to a global campaign that celebrates 125 years of Liverpool Football Club.
According to Israel Arinaitwe, the Head of Retail Banking at StanChart, the campaign will enable the bank’s clients have access to personal loans of up to Shs200m at the 18.9% p.a interest with a 72 months tenor and repayment holiday of up to 75 days.
The campaign will see three win an all expenses paid trip to Anfield, the Home of Liverpool FC.
Other prizes will go to those who take a loan of at least Shs15M.