E-Financial
Standard Chartered Contributes $10.7Bn to the Economy
Standard Chartered has officially launched a report titled “Banking on Africa – Standard Chartered’s Social and Economic Impact” in which it highlighted a number of ways the bank could deepen its impact in Sub-Saharan Africa, including further increase of its engagement with small and medium-sized enterprises (SMEs), by catalysing the region’s economic complexity, for example through increasing financial access for supply chain companies.
In 2013 Standard Chartered Bank commissioned an independent study by Professor Ethan Kapstein of Goergetown University, USA and Dr. Rene Kim of Steward Redqueen, The Netherlands to measure the role of Standard Chartered, and banking more broadly, in generating trade, growth and jobs in Sub-Saharan Africa (Nigeria included) and to find out what the bank can do better.
The findings in the report released by the bank recently, showed that across Sub Saharan Africa, Standard Chartered Bank directly and indirectly supports 1.9 million jobs, equivalent to around 0.6 per cent of the total workforce and contributes $10.7 billion to the economy, equivalent to 1.2 per cent of the region’s GDP.
It also showed that it supports trade worth $7.2 billion, equivalent to 1.2 per cent of total trade with the rest of the world; and supports $1.8 billion in tax payments to governments in Sub-Saharan Africa, equivalent to 1.1 per cent of total receipts of governments in the region.
The report further provides recommendations on how banks can, over time, make even greater contributions to economic growth in Africa.
Some of the recommendations include: further increasing engagement with SMEs by providing greater access to value chain finance; building on existing collaborations with the international community’s bilateral and multinational development agencies to improve local infrastructure.
Some of the ways this can be done according the report for example, is “building on the extensive work that the Bank is already doing to finance power in Africa; and continue working closely with governments and regulators to ensure a business environment that supports and encourages investment, innovation and entrepreneurship.”
The report reinforces the vital role banks can play in supporting sustainable economic development, insisting that opportunities across the continent are extraordinarily exciting and the bank is committed to playing its part in realising Africa’s potential.
It draws on quantitative and qualitative assessments by examining Standard Chartered Bank’s direct and indirect impact in 13 of its 15 Sub-Saharan Africa markets (excluding South Africa and Mauritius) to answer questions around what the wider impact of Standard Chartered’s business is on Africa’s economies.
How the bank contributes to employment, personal incomes, business profits, and tax generation across the continent as a whole and how Standard Chartered continues to help the economies in Africa remain on a positive trajectory in the future.
In addition, it assesses Standard Chartered’s impact on Africa’s trade, deploying its global network spanning 68 markets, and as the only international bank with a major presence across both Africa and Asia.
The report also focuses on four countries – Nigeria, Zambia, Kenya and Ghana (markets representing over half Standard Chartered’s African revenues).
Commenting on the report, Mrs. Bola Adesola, chief executive officer of Standard Chartered Bank Nigeria, said: “In all of our markets, Standard Chartered is committed to supporting our clients and customers, creating value for our shareholders and making a broader contribution to society. We are proud of our history in Nigeria and are determined to uphold our promise to be “Here for good” in the markets in which we operate. This report demonstrates the powerful role that Standard Chartered can and does play across Africa in social and economic development, financing growth, trade and jobs.”
Co-author of the report Dr. Kim added: “A key message of the report is that it is very important for the Nigerian economy to become more ‘complex’ – more interwoven. This complexity will put the Nigerian economy on a more sustainable growth path. Standard Chartered, with its large international footprint, can play an important role in conjunction with the private and public sectors to spur sector linkages in Nigeria’s economy.’’
Standard Chartered Bank has been operating in Africa for more than 150 years and is present in 16 African countries and active in 36 countries across the continent.
Currently it serves more than one million retail customers, approximately 100,000 small and medium sized enterprises, and has well over 6,000 corporate client relationships in Sub-Saharan Africa, providing them with a comprehensive range of wholesale and consumer banking services.
The bank contributes to Sub-Saharan Africa’s development in a number of ways. Standard Chartered plays a vital role in financing cross-border trade and investment, while bringing much-needed innovation in financial services.
United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.
Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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