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The Standard Bank Group has highlighted the need to stabilise African wealth by diversifying currency holdings and focusing on financial inclusion and economic empowerment.
Funeka Montjane, the Group Chief Executive of Personal and Private Banking, emphasized the importance of sustainable development in African countries like Zambia during a media briefing in Lusaka on Tuesday.
Montjane noted that the Standard Bank Group, a regional player with a presence in 21 countries, including two outside Africa, plans to continue growing its personal and private banking, business, and commercial banking sectors across the continent.
“We also want to scale up operations in East African economies, which are expected to grow faster than those in West and Southern Africa in the short term,” Montjane stated.
She indicated that the bank is exploring organic opportunities and potential acquisitions across the African continent.
Montjane reaffirmed the bank’s commitment to being an African bank serving African interests and operating outside Africa only to support those interests.
“We are excited about the potential of private banking clients and their economic outlook. We recognize the importance of middle market clients, who are typically young and have great potential,” she said.
Read More: Standard Bank expresses confidence in the growth potential of Zambia’s economy
Regarding Zambia, Montjane stated that the bank would leverage its strengths to address the “population dividend,” referring to the opportunities presented by the country’s growing young population.
“As a bank, we believe that our value proposition is particularly appealing to this demographic, and we aim to claim a strong position in serving this segment,” she said.
Montjane added that the bank is passionate about building solutions that benefit the young population, likely focusing on financial inclusion, economic empowerment, and sustainable development.
She emphasized the bank’s commitment to serving the needs of Zambia’s growing young population across various client segments, from private banking to middle market clients.
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