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New digital bank by Standard Chartered offers zero charges on most transactions

A new ‘Digital Bank’ has been launched by Standard Chartered bank, which it says will offer several benefits including Zero charge on all interbank transfers, Zero charge on SMS Notification, Zero charge on ATM withdrawals, Performing funds transfer without adding beneficiaries, Generating a soft token for all transactions, and Free bank card delivery nationwide.

Named SC Mobile 2.0, the digital platform will initially offer savings accounts, current accounts, fixed deposits (with the option of joint accounts) along with Lending and Wealth Management solutions.

Lamin Manjang, CEO, Standard Chartered Bank Nigeria described the launch, which he said was done with support of the Central Bank of Nigeria (CBN), as “a key milestone on our digital journey as a Bank and underlines our commitment to investing and growing in the market.” He explained that the bank has been steadily investing in expanding its footprint in Africa over the years, launching earlier in Cote D’Ivoire, Ghana, Kenya and Tanzania, and this will continue to be a priority moving forward. “Digitising Africa remains at the heart of our business strategy for the region and we look to continue to grow our business in Nigeria being the best financial partner to our clients,” he said.

The bank’s digital services are available by downloading the Standard Chartered mobile application on the app stores. New clients can execute all their banking activities from their mobile devices, starting by opening their bank account in less than 10 minutes. They can also provide all verification documents by uploading to the application and fully complete their onboarding process within minutes.

While David Idoru, head of Retail Banking says all accounts are fully functional when setup, he however, noted there are three tiers when users set up an account; with the third tier offering unlimited transactions, even without customers having to step into a banking hall for any physical KYC.

“Our digital bank was developed with our clients in mind. We have taken into consideration the feedback received by our clients at each stage of the design process and have incorporated innovative technology to allow them to execute all banking activities from a mobile device,” said Idoru.

The App he says, includes 70 banking services, including its offers of zero charge on all interbank transactions, zero charge on SMS notifications and free delivery of cards to them wherever they are.

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