NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, April 6, 2018

Standard Chartered’s decision to open its first digital-only bank in Ivory Coast reflects both the strategic importance of Africa to the bank and the digital-savviness of the West African nation.

Ivory Coast boasts a large market and one of the fastest-growing economies in Africa, with growth of 7.5% forecast for this year.

“A digital approach made sense for Ivory Coast, given the market demand for more technology and innovation in banking and the country’s high rate of mobile money accounts,” says a Standard Chartered spokesperson.

Photo courtesy of Rob Tinworth.