Empowering communities through financial inclusion

01

Define financial inclusivity

How does your organisation define financial inclusivity?

At Standard Chartered, we define financial inclusivity as the effort to provide tailored, affordable financial products and services to individuals and businesses that have limited access to capital. We believe that financial inclusion is essential for fostering sustainable and resilient capital markets, emerging economies. Our goal is to empower these underserved groups to participate in the financial system, thereby driving economic growth and resilience.

Our strategy involves harnessing technology and digital platforms, coupled with strategic partnerships, to extend financial services to diverse market segments. This approach not only integrates the unbanked into the financial system but also equips them with essential financial tools such as credit, insurance, and investment opportunities.

A core aspect of our strategy is promoting financial literacy. By educating communities on how to effectively use these services, we aim to create a more inclusive financial ecosystem. Through innovations such as mobile money and partnerships with fintechs and telecoms, we strive to support sustainable economic development on a global scale. 

02

Financial inclusion rank

Where does financial inclusion rank on your current list of business priorities?

Financial inclusion is a top priority for us, particularly in emerging markets where many individuals and businesses remain underserved. Recognising the economic and social value of reaching this unbanked segment, we actively pursue strategies to enhance digital access to financial services. Our efforts focus on expanding our reach through innovations like mobile money and partnerships with fintechs, targeting low-income communities and microenterprises.

Investing in financial education, digital infrastructure, and collaborative partnerships is essential to this journey. As we bring more people into the financial system, we not only fulfill our social responsibility but also create sustainable revenue streams, solidifying financial inclusivity as a core business objective.

It’s worth noting that without a strong commitment to financial inclusion, Standard Chartered would not have achieved its success across emerging economies, where we have a robust presence such as Asia, the Middle East and Africa.

03

New product launches

Do you expect to see new products launched specifically for the attention of the unbanked and low paid?

We are continuously innovating, partnering with key providers, and introducing new products designed specifically for the unbanked and low-income individuals, as addressing this gap presents a significant growth opportunity.

A prime example is the SC Shilingi Funds, Kenya’s first fully digital-only-money-market fund platform. Integrated with Standard Chartered’s mobile app, it offers young, low-to-middle income individuals with a seamless way to access money-market funds. The platform is designed for tech-savvy individuals who seek convenient investment solutions and enables them to manage their finances directly from their mobile devices at very low investment values.

This approach not only simplifies access to investment products but also empowers users to make informed financial decisions that can improve their standard of living and contribute to Kenya’s economic growth. By launching such targeted products, we aim to extend financial services to underserved populations and facilitate economic independence.

04

New product launches

Do you expect to see new products launched specifically for the attention of the unbanked and low paid?

We are continuously innovating, partnering with key providers, and introducing new products designed specifically for the unbanked and low-income individuals, as addressing this gap presents a significant growth opportunity.

A prime example is the SC Shilingi Funds, Kenya’s first fully digital-only-money-market fund platform. Integrated with Standard Chartered’s mobile app, it offers young, low-to-middle income individuals with a seamless way to access money-market funds. The platform is designed for tech-savvy individuals who seek convenient investment solutions and enables them to manage their finances directly from their mobile devices at very low investment values.

This approach not only simplifies access to investment products but also empowers users to make informed financial decisions that can improve their standard of living and contribute to Kenya’s economic growth. By launching such targeted products, we aim to extend financial services to underserved populations and facilitate economic independence.

05

Medium to long-term business benefits for banks

What might the medium to long-term business benefits be for banks arising from greater inclusivity?

Greater financial inclusivity offers banks several medium to long-term business benefits. In countries like the UAE, banks receive substantial regulatory support and guidance to modernise and innovate, focusing on efficient fintech solutions and digital banking infrastructure. This support not only expands access to financial services for all but also enhances the economies of scale across various sectors. For banks, this inclusivity leads to the growth of a broader and more robust client base, which directly contributes to their bottom line.

There are three major benefits from financial inclusivity. First, the push for inclusivity will drive the development and enhancement of better fintech systems, ensuring they remain competitive and efficient. Second, banks will profit from the strengthened economy, gaining access to a more extensive and diverse client base. This will not only increase revenues but will also reduce risk through diversification. Third, banks that engage in financial inclusion efforts will build social trust, enhancing their goodwill and reputation.

06

Noticeable upsides to regional economies

Will financial inclusivity bring noticeable upsides to regional economies?

Absolutely. Financial inclusivity will play a transformative role in the economic landscape of the region. With many countries looking to diversify their economies beyond oil and gas, expanding financial access is crucial to fostering entrepreneurship and supporting startups across various sectors. This diversification reduces dependency on natural resources and stimulates growth in other industries.

As more individuals and businesses gain financial access, governments can reinvest the increased revenues into infrastructure, manufacturing, and services, boosting both domestic and foreign investments. This not only strengthens economic stability but also builds investor confidence, promoting sustainable, long-term growth. By focusing on financial literacy and a more inclusive ecosystem, we at Standard Chartered, help create diversified, resilient, and thriving economies.