Standard Chartered Bank to Open 10 New Branches in Lagos

Standard Chartered Bank has opened the first of 10 new branches it plans to establish in Lagos state.

The first of the proposed branches was opened at the Lagos’ Circle Mall, along Lekki/Epe Expressway.

A statement explained that the branch compliments the bank’s ongoing investment into digital infrastructure, while aligning with its focus on rapidly expanding cities across its global footprint in Africa, Asia and the Middle East.

Through its recently launched ‘Here for Africa’ campaign, Standard Chartered recently reiterated its commitment to the continent and will continue to invest in its regional strategy, with Nigeria as a key focus for expansion.

One of the eight fastest-growing cities in Africa, Lagos generates 25 per cent of Nigeria’s total gross domestic product

The CEO of Retail Banking, Karen Fawcett, opened the new branch with Regional CEO for Nigeria, Cameroon and Cote d’Ivoire, Mrs. Bola Adesola and the bank’s Head of Retail Banking for Nigeria, Ebehijie Momoh.

Commenting on the new branch, Adesola said: “Our Retail Banking business in Nigeria has been growing from strength to strength, with income increasing 12 per cent year-on-year in 2015. Thanks to the support from government and the Nigerian people, we will continue to invest in our capabilities to deliver increasingly efficient, cost effective and accessible banking for all our clients. With 10 more branches, we aim to extend the reach and accessibility of banking, while freeing up our clients’ time to focus on their personal priorities.”

The World Economic Forum cites Lagos as the fastest-growing city in the world, expanding at a rate of 85 people per hour. By 2050, Lagos’ population is expected to double, which will make it the third largest city in the world.

On his part, Fawcett said: “We’re very excited about the opportunities in Nigeria and the Africa region. So we’re investing here to bring the best in banking through digital channels, as well as giving clients the choice of coming to a branch when they want advice and a more personal touch.”

Standard Chartered has recently launched new mobile and online banking platforms in eight markets across Africa, including Nigeria, bringing cutting-edge digital channels to one million clients in the region.