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Monday, May 10, 2021

Stanchart to close its Moi Avenue branch

BY STANDARD

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Standard Chartered Bank of Kenya will soon close the iconic Moi Avenue branch in the next six months as the lender pushes ahead with its digital strategy.

In a notice to customers, the lender said the move is in line with industry developments and customer account details will be migrated to the Kenyatta Avenue Branch.

“Effective 01 August 2021 (in 6 months), we shall consolidate Moi Avenue and Kenyatta Avenue branches and thereby close the Moi Avenue branch,” said the firm in the notice to clients.

Stanchart says there has been a shift by customers to digital transactions in recent months, prompting the decision.

“In line with our Digital by Design strategy, we embarked on a transformation journey to innovate and improve our online and mobile banking platforms to enable our clients to access our products and services digitally,” explained the bank in part.

“With these innovations and investments in digital capabilities, we have noted a significant shift in accessing banking services from the traditional branch network, and currently over 89 per cent of client transactions are done through our digital platforms.”

Last year Stanchart closed down eight branches in Nairobi for three months as part of efforts to shore operational costs and reduce risk at the onset of the pandemic.

“Our focus on digital is bearing fruit with more than 90 per cent of our clients using our digital channels,” said the lender in its annual report for the year ended 2019. “This has resulted in 15 per cent reduction in manual in-branch transactions with a corresponding reduction in associated processing costs.”

Customers have been advised that their bank account numbers, credit and debit cards will not be affected.

SourceSTANDARD
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