Standard Chartered Bank has officially launched its Africa eXellerator fintech innovation hub, a lab at its headquarters in Nairobi, Kenya. The hub will serve as a platform to collaborate with fintechs in Kenya and the broader African region, drive innovation and develop new business models or services to meet client’s needs in the African region. This is its first in Africa; other labs are located in Singapore, Hong Kong, London, and San Francisco.
The Africa eXellerator lab, powered by SC Ventures — the Bank’s innovation, ventures, and investment unit, has been established at the Bank’s Kenya head office in Chiromo, Nairobi, where fintechs can closely plant new technologies and solutions.
Speaking during the launch of the Africa eXellerator, Standard Chartered Kenya’s CEO, 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.
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We are establishing an innovation center 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.”
The bank has been co-creating solutions and establishing new partnerships to improve the client’s experience and change how we approach and think about banking. Following the successful pilot launch of its digital retail bank in Côte d’Ivoire last year, it has further rolled out digital-only retail banks across Africa this year, in Uganda, Tanzania, Ghana, and Kenya.
SC Ventures’ Africa Region Lead, Kennedy Mubita, said: “The Africa eXellerator’s key mission is to generate value by emulating intra-preneurial, human-centered 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.”
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