International Banking services launched in Uganda

Kampala, Uganda | THE INDEPENDENT | Ugandans are now able to open, monitor and do their banking transactions in other countries, without having to fly out.

This follows the launch of International Banking by Standard Chartered, in a move aimed at connecting their branches in more than 20 countries, including Uganda.

International Banking (IB) enables clients with access to global banking products and services offered in international financial centers including the United Arab Emirates (UAE) and the United Kingdom, among others.

Sanjay Rughani, Standard Chartered Bank Uganda’s Chief Executive Officer, said that the introduction of IB in Uganda marks a significant milestone for Standard Chartered and signals a profound promise to cater to the evolving needs of its clients in Uganda.

“Our International Banking services enhance our ability to offer tailored solutions and an expanded array of products that cater to diverse investment requirements, positioning our clients for sustained success on the international stage,” he said.

This is the first time international banking services, both in retail and corporate, come to Uganda, according to Rughani.

“I therefore invite everyone to join us to explore new horizons, unlock boundless opportunities, and create a future where international banking is not just a service, but a catalyst for prosperity,” he said.

Agnes Umutoni, Head of Retail Products and Client Experience at Standard Chartered, Jersey acknowledged that despite having businesses in different countries, Standard Chartered had never operated as one system for the good of the clients.

She said now, for example, it is easy for Ugandans to expand their operations beyond the country’s borders from within, hence the tag: Gateway to the World.

“For example, there are many Ugandans who do business in the UK or send their children for studies there or would want to acquire property. Our Jersey branch will handle that and even be able to advise on property acquisition in the UK,” she said.

This will also enable clients in Uganda and Africa, who wish to access Islamic banking services but are limited by access, to get them in foreign branches like Jersey, according to Umutoni.

Paul Sefa-Badu the Head of Consumer, Private, and Business Banking, Standard Chartered Uganda expressed hope this development will empower clients to navigate the global financial landscape with confidence and ease.

“The IB services offer a wide array of benefits, which include but are not limited to, recognition of clients’ international status, opportunities to grow wealth internationally, and the convenience of seamless banking through features such as multi-currency account opening and global fund transfers.”

More importantly, Sefa-Badu said, clients can leverage the ability to own property overseas, among other advantages.

“We are the go-to bank for wealth and investment solutions based on our network and global expertise. The IB services will empower clients to diversify their investments and unlock opportunities by tapping into Standard Chartered Bank’s International Banking Hubs from Singapore, Hong Kong, India, Jersey, and UAE. We encourage individuals and businesses alike to come on board and enjoy these services.”

Welcoming this offering to Uganda, Gen Jeje Odongo specifically praised the ability to transact from Uganda in other far-off countries.

“I would like to appreciate the bank for a product that will offer Ugandan clients a wider range of sophisticated investment solutions, seamless everyday overseas banking, and flexible, quick, and easy access to foreign exchange,” he said.

The launch of IB services in Uganda was based on the fact that as the economy grows, so does the wealth of Ugandans.

This means that there is a rising demand for wealth advisory services, portfolio management, and a Bank like Standard Chartered Bank to advise them on where to invest.

“I therefore urge the Bank to continue providing financial advice and relevant, customized products to clients and companies looking to invest or develop their businesses both in Uganda and abroad,” said Jeje.

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