Standard Bank Wealth & Investment stands head and shoulders above the wealth management competition in Africa. The South African bank is a regional powerhouse in the sector, with private banking offices in 14 African markets, including Kenya, Nigeria and Ghana, as well as the whole of southern Africa.
In 2022, the private bank onboarded around 1,650 new wealth and investment clients and saw the value of total wealth and investment assets under management in discretionary portfolios rise to R18 billion ($6.2 billion). Across wealth and investment services Standard Bank now employs more than 16,500 staff in Africa. Assets under management in 2022 rose 25% year on year in Kenya and by 8% in Nigeria.
A host of new services were unveiled during the awards period. At the top of the list is the bank’s award-winning Shyft app, a global wallet that lets customers send money, buy foreign exchange and shop internationally.
In 2022, the app recorded a 13% year-on-year rise in the number of Rand-denominated top-ups and saw the number of new users jump 47% on an annualized basis to 176,000.