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After 160 Years, Standard Bank Goes 99% Digital During Pandemic

  • Digital transactions now account for 95% across rest of Africa
  • Bank committed to achieve carbon neutrality by 2025, CEO says

Standard Bank Group Ltd. said 99% of its transaction volumes in South Africa are now cashless, a trend that has helped the continent’s largest lender by assets to cut costs.

“It’s extraordinary,” Standard Bank’s Chief Executive Sim Tshabalala said in an interview with Bloomberg News Editor-in-Chief Emeritus Matthew Winkler at the Africa Business Media Innovators Conversation. “What we’ve seen is an incredible shift to electronic ways of doing things.”