StanChart taps on the youth market
Standard Chartered Bank Regional CEO (Africa and Middle East) Sunil Kaushal said the bank will continue to invest in digital banking tools, taking advantage of the untapped African youth market.
Commemorating the bank’s 125 years anniversary last week, Sunil highlighted that the demographic dividend for Africa, is an enormous opportunity that can also become a burden if not properly harnessed. “With the median age of the African population being about 19.7, there is a huge opportunity for us to tap into this un-tapped market. What better way to reach them, than on mobile, where they spend the majority of their time? This is why we will continue to invest in digital.”
He said the bank will continue to find the best ways to reach an audience that they have sometimes missed out previously. He pointed out that the bank will also focus more on women empowerment in Botswana. “We also know that Botswana and other African markets have large concentrations of women entrepreneurs. The 2021 Mastercard
Index of Women Entrepreneurs, states that Botswana, Uganda and Ghana have the highest concentration of female entrepreneurs. Botswana leads the pack with 38.5 percent - ahead of Uganda and Ghana. Ensuring that women are included is a key focus for the Bank as we aim to lift the participation of women in our communities.”
Recently, the bank launched the third instalment of the Futuremakers, an initiative which enables the bank to actively engage the youth, with a skew towards women honing their entrepreneurial skills and ensuring that they learn, earn and grow to become active participants in the economy. In Botswana alone, Standard Chartered has funded the Futuremakers programme to the tune of over USD450,000 (P6 million) in the last three years.
Sunil also explained that a key catalyst for growth on the African continent will rest on the bank’s ability to include women and the youth in the economies the bank operates. “The Africa rising story has always been beset by challenges - the Covid pandemic was one such challenge. Thankfully, we have been able to weather this storm.”
For his part, Standard Chartered Managing Director, Mpho Masupe said in line with the bank’s sustainability agenda, in April 2022, they launched the installation of a solar system at their flagship branch in Main Mall. ”This is another first by the Bank and is a true embodiment of our brand promise ‘Here for Good’”. He said the Bank is making good headway towards the delivery of the 2022 strategy, given the dynamic economic environment both locally and internationally.