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Stanchart Managing Director and Chief Executive Officer Kariuki Ngari. Photo/COURTESY.

Kenya

Stanchart scoops Best Consumer Digital Bank award

Stanchart Managing Director and Chief Executive Officer Kariuki Ngari. Photo/COURTESY.

NAIROBI, Kenya Aug 26 – Standard Chartered Bank has been ranked as the Best Consumer Digital Bank in Kenya in 2019.

According to the Financial Journal ‘Global Finance,’ the bank specifically stood out in its information security and fraud management systems covered under its digital platforms.

During the award ceremony, the institution’s Managing Director and Chief Executive Officer Kariuki Ngari said the bank will continue to leverage in technology where many Kenyan Banks are adapting to.

“Digitalization to us means a disruption from traditional and conventional ways of banking to transforming banking business to conform to the lifestyles of our clients. We are glad these efforts have been recognized by our peers,” he said.

Present at the event was Standard Chartered Regional Chief Executive Officer for Africa and Middle East Sunil Kaushal who added that Africa is adapting digitization well.

“Africa’s digital transformation strategy is paying off and we are proud of the recent launches of fully retail digital banks in Ivory Coast, Kenya, Ghana, Tanzania, Uganda, Botswana, Zambia, and Zimbabwe,” he said.

The award comes at a time when Kenyan banks have cut their workforce due to a shift to digitization.

While launching KCB’s half-year results, the Chief Executive Officer Joshua Oigara said improved digital migration is leaving employers with no choice but to lay off staff.

As of June 2019, KCB had 5,980 employees as compared to 6,220 in the same period in 2018.

Equity bank shed off 392 employees last year as a result of growing digital and agency banking.

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The latest bank to lay off its workforce is Stanbic through a Voluntary Early Retirement package.

The bank, which had 1,088 staff at the end of 2018 said it received 135 applications for the retirement package but only 88 qualified.

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