Kariuki Ngari, CEO, Standard Chartered Kenya

Standard Chartered Bank has announced the establishment and opening of its Africa eXellerator lab at the Bank’s Kenya head office in Nairobi. The lab, acting as an ‘innovation hub’, aims to serve as a collaboration platform for the African fintechs.

Standard Chartered Kenya’s Chief Executive Officer, Kariuki Ngari, said: “We are a connector bank – connecting clients, markets and products with networks and facilitating trade and investment across our global footprint across some of the fastest growing markets. We are establishing an innovation centre in Kenya – the Africa eXellerator lab, to develop better products and services for our clients. For example, we will focus on developing solutions in artificial intelligence, cyber security and ‘Banking Made Easy’, to ensure we provide the best possible services to our clients of today, and tomorrow.”

Backed by SC Ventures, this new lab adds to the Bank’s other eXellerator labs located in Singapore, Hong Kong, London and San Francisco. The labs, according to the bank, were established to provide the tools and environment to develop and experiment new business models.

SC Ventures’ Africa Region Lead, Kennedy Mubita, said: “The Africa eXellerator’s key mission is to generate value by emulating intrapreneurial, human-centred and technology skills across the Bank’s franchise in Africa. The high digital adoption rate and vibrant fintech ecosystem, coupled with our strong client franchise, make for an exciting landscape for client co-creation, partnerships and innovation in Kenya, which will have applications across the Africa region.”

Recently the Bank has rolled out digital-only retail banks across Uganda, Tanzania, Ghana and Kenya.

by Megha Bhattacharya
Market Analyst at IBS Intelligence