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STANDARD Bank Offshore remains steadfast in supporting the growth of Africa, and is positive about the potential Africa has to ascend, with vast opportunities identified in the areas of infrastructure, renewable energy, telecoms and new minerals as examples.
Doing business in Africa requires careful consideration of local and global risks and opportunities. Standard Bank’s proactive response to this emerging landscape shapes its future sustainability and the execution of our strategy.
As we celebrate Africa Day on 25 May, Yinka Sanni, chief executive for Africa regions and Standard Bank Offshore, shares his thoughts on the future of the rich continent that Standard Bank calls home.
“Africa’s economic landscape is on the brink of a transformative leap,” he said. “With GDP growth in sub-Saharan Africa expected to exceed 4%, and urban populations set to increase by 58%, we are witnessing the rise of a new era. The African Continental Free Trade Area is poised to amplify inter- and intra-Africa trade flows, solidifying the continent’s position in the global market.”
Standard Bank has a presence in 20 African countries and six international and offshore financial centres, including Jersey. With nearly 19 million customers, and 54,000 employees globally, the group is uniquely positioned to leverage this growth.
“Our deep roots across the continent, combined with our expansive customer base and digital prowess, having facilitated almost three billion digital transactions last year, enable us to support the continent’s people and be an integral part of its success story,” Sanni emphasised.
The bank’s commitment to environmental and social sustainability is evident in its support for Africa’s trade, having facilitated trade flows to the value of R953 billion for business and commercial banking clients and over US$16 billion for corporate and investment banking clients in 2023.
“Our group’s personal and private banking division boasts 15.6 million active clients, and our network of over 6,000 ATMs across the continent ensures financial accessibility for millions,” Sanni added. “Moreover, our business and commercial banking sector serves almost 820,000 active clients, reflecting our robust engagement with African enterprises.”
Charles Molteno, chief executive and Island head Jersey, added: “Yinka illustrates a prosperous future for the African continent and the opportunity our group has in shaping its success. At Standard Bank Offshore, we are steadfast in our commitment to supporting the continent’s ambition while committing to the local markets that we operate in concurrently. Our contribution is impactful, and our sights are set on furthering the value-add from offshore solutions.”
In a world of evolving risks and opportunities, Standard Bank remains agile.
“Our proactive approach to the emerging landscape shapes our sustainability and strategic execution. We are more than a bank; we are a trusted partner in Africa’s success,” concluded Sanni.
lStandard Bank Offshore Group Limited registered office is at Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ. Registered in Jersey No 43694.Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group.
