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STANDARD CHARTERED
Standard Chartered Kenya is a subsidiary of Standard Chartered, a leading international banking group headquartered in London, United Kingdom (UK). Like its brand promise, ‘Here for Good’ attests, Standard Chartered remains steadfast in its purpose to drive commerce and prosperity through its unique diversity. Its unique footprint, diverse experience, capabilities and culture sets it apart.
Standard Chartered capitalises on opportunities for its businesses, customers and the communities it serves. In 1989, Standard Chartered’s stock was listed on the Nairobi Stock Exchange, now Nairobi Securities Exchange (NSE) offering twenty-one million shares to the public, the largest single placing at the NSE at the time. Its public shareholding comprises over 30,000 shareholders.
Standard Chartered was the first bank in Kenya to be awarded the ISO 9002 certification in technology systems and set up the first Automated Teller Machine (ATM) in the country. Today, the lender has a total of twenty-two branches, 108 ATMs, and over 1,061 employees.
In its full-year 2022 financial results, Standard Chartered revealed a rise in net profit by 34 percent to KES 12.1 billion, compared to KES 9 billion in 2021. The bank accomplished an impressive expansion of its balance sheet, raising returns for shareholders and highlighting the business’ resilience. Standard Chartered is developing a futureready workforce built on good conduct and valued behaviours.
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As a Connector Bank, Standard Chartered continues to leverage on its global network and sustainability agenda to support its mass retail and affluent customers. The network business continues to facilitate investment, trade and capital flows across the bank’s geographic footprint.
Standard Chartered offers a variety of local and foreign currency banking solutions to meet its consumers’ transactional, borrowing and investment needs. With a diverse portfolio which cuts across the sectors that drive the economy, the brand’s target segments are corporate customers, government and government agencies, commercial customers and retail customers.
Standard Chartered offers banking services that help people and companies prosper creating wealth and growth. Its unique understanding of the market and extensive network helps the bank to offer tailored propositions to customers, combining global expertise grounded in local knowledge.
In February 2022, the bank launched SC Shilingi, ‘100 percent digital only’ platform offering money market funds in Kenya and across the Standard Chartered franchise. The fully digital SC Mobile App provides customers with affordable, convenient, fast, and easily accessible banking accounts. Over 278,000 accounts have been opened through SC Mobile, with 74 percent of the client base being digitally active.
The bank’s digital platform Net Promoter Score (NPS), a metric that gauges customer satisfaction, is in the mid-70 percent range, indicating that digital capability is quite attractive to customers. Over the years, Standard Chartered has bagged numerous awards. In 2020, it was named Best Consumer Digital Bank in Kenya by Global Finance Awards; in 2021 the lender scooped the Digital Innovation Award at the CIO Africa Awards; in 2022 it was named Best in Banking Operations at the Sustainable Finance Initiative (SFI) Catalyst Awards; and early this year, Business Monthly East Africa celebrated Standard Chartered as one of the Top 25 Corporates Leading in Social Responsibility in 2023.
Standard Chartered was ranked number 1 on the list. In 2022, Standard Chartered received many accolades, demonstrating that what it does, not only resonates with its customers, but also in the industry in which it operates. These include Best Retail Bank
Digital CX Award, Outstanding Digital App/Platform Financial Inclusion (Wealth Management) and Outstanding Growth CMPS (Wealth and Affluent). Whether business or personal, Standard Chartered comes highly recommended when it comes to investment, with a myriad of wealth management propositions to choose from. Furthermore, Standard Chartered offers insurance products and services through its subsidiary, Standard Chartered Bancassurance Intermediary Limited (SCBIL).
SCBIL works with Sanlam General, Sanlam Life Insurance, Prudential Life Assurance, and Jubilee Insurance to provide insurance to individuals and businesses. Standard Chartered was the first bank in Kenya to introduce Priority Banking, a service for high-net worth customers who require personalized, exclusive banking and wealth management services.
The bank holds a few defined exemplary characteristics that label and position it as a superior brand. Firstly, being part of the global Standard Chartered Group which operates in more than fifty-nine countries and serving clients in a further sixty-four countries, the bank is linked to global expertise and resources. This enables it to offer innovative financial solutions to its customers.
Secondly, the bank’s heavy investment in digital technologies has enabled it to offer innovative solutions, as well as stay ahead in the game as the world rapidly traverses into the digital sphere.
Thirdly, Standard Chartered has consistently introduced innovative products and services that have transformed the banking industry in Kenya. For example, Standard Chartered was among the first banks to partner with mobile network operators to offer mobile banking services.
It was also the first to introduce personal unsecured loans, which are loans that do not require collateral, to the Kenyan market. Standard Chartered’s leadership’s conversation in Kenya is led by Kariuki Ngari as the Chief Executive Officer (CEO). With him at the helm, the bank is at the forefront of promoting innovation and growth in the industry.
Standard Chartered continues to invest in the development of its employees, ensuring that it has a skilled and motivated workforce capable of driving the bank’s transformation agenda.
Finally, the lender has a strong focus on sustainability. Standard Chartered is committed to sustainable banking practices, and has integrated environmental, social, and governance (ESG) considerations into its business operations. For instance, the bank started the journey of ensuring that its Standard Chartered Nairobi Marathon goes beyond a sporting event to become an annual platform for driving its sustainability and community engagement initiatives.
The 20th edition of the Standard Chartered Nairobi Marathon is expected to be held on 29th October 2023. With a deep understanding of the needs of its customers, as well as tailored products and services to meet these needs, Standard Chartered continues to be a customer- obsessed brand in the Kenyan banking industry.
The bank continues to focus on executing its strategy, investing in areas of competitive strength, supporting and protecting the wellbeing of its customers, colleagues, and communities.
