After 160 Years, Standard Bank goes 99% digital during pandemic

A 160 year old bank has gone 99% cashless in South Africa over the course of the pandemic, which gave a push to customers due to lockdown measures. — Bloomberg

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.”