Standard Chartered Bank yesterday launched Africa eXellerator, an innovation hub geared towards driving fintech innovation in Africa. The hub, located at the bank’s head office in Westlands, Nairobi, is powered by SC Ventures, and complements similar hubs in San Francisco, Singapore, London, and Hong Kong.
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. We are establishing an innovation centre in Kenya – the Africa eXellerator lab, to develop better products and services for our clients,” he continued, “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.”
Kennedy Mutiba, SC Ventures’ Africa Region Head expressed that the hub aims to generate value through ‘emulating intrapreneurial, human-centred and technology skills across the Bank’s franchise in Africa.’ He adds that the eXellerator will also take advantage of Kenya’s vibrant fintech ecosystem as well as the bank’s wide client reach.
Related article: Standard Chartered Bank rolls out Digital bank model in 4 other African countries.
Also at the launch event, SC Ventures Global Head, Alex Manson added, “Banking is all about serving clients in the way they want to be served. We are rewiring the DNA in banking both in and outside the Bank, including an extended team of partners as good ideas and great execution come from everywhere. Our eXellerators provide the tools and environment to develop, experiment and validate new ideas and business models emerging from both our own intrapreneurs and our partners.”
Stanchart pointed out its plans to pump upto KES 10 Billion into supporting financial technology (fintech) startups to scale and generate ideas that will solve banking problems through its eXellerator lab.
