Standard Bank goes 99% digital during pandemic

Standard Bank Group Ltd. stated that in South Africa, 99 per cent of its transaction volumes are cashless, a trend that has allowed the continent’s largest lender by property cut prices.

In an interview with Bloomberg News Editor-in-Chief Emeritus Matthew Winkler on the Africa Business Media Innovators Conversation, Standard Bank’s Chief Executive Sim Tshabalala said, “It’s extraordinary, what we’ve seen is an incredible shift to electronic ways of doing things.”

Standard Bank, which was founded in 1862, wants to recruit at least 10 million new customers by 2025 and sees technology firms like Amazon.com Inc., Alibaba Group Holding Ltd., and Uber Technologies Inc. as its main competitors in Africa.