Standard Bank Eyes Larger Share of Africa’s Growing Digital Payment Flows

Africa’s largest lender by assets, Standard Bank, is intensifying its focus on digital payments as a core growth driver. The bank reported robust transaction volume increases in the first half of 2026, with domestic payments up 11% and cross-border payments rising 7%. This positions Standard Bank to capture more value from Africa’s expanding digital economy.

Payments Powering Financial Performance

The bank currently holds a 30% share of South Africa’s cross-border payment market and 19% across the continent—making it the largest transactional franchise by payment value. This strategic focus is translating into tangible financial results, with Standard Bank’s Africa Regions business contributing R10.4 billion ($644.4 million) or 40% of group headline earnings.

“Standard Bank delivered a strong performance in the first half of 2026,” said CEO Sim Tshabalala. “Our payments business is supporting deposit growth, merchant acquiring, cross-border fee income and value-added services.” He emphasized that deepening economic integration across Africa is crucial for realizing the continent’s full growth potential.

Digital Transformation Driving Momentum

Standard Bank’s success isn’t solely about transaction volumes—it’s also driven by a broader digital transformation. The bank has seen significant gains in its digital retail business, with transactional clients increasing 9% and volumes jumping 17%. Currently, 69% of Standard Bank’s customers use digital channels for transactions.

Underpinning this shift is the bank’s technology investments:

  • 72% of employees are active users of generative AI tools
  • Over 10 million personalized client interactions supported by AI recommendations
  • 78% of computing infrastructure migrated to the cloud

The Evident AI Index for Banks—Middle East and Africa ranked Standard Bank as the leading bank in Africa, recognizing its advanced adoption of AI technologies.

Capitalizing on Market Opportunity

With Africa’s payments market projected to reach $1.5 trillion by 2030 (according to a Mastercard-commissioned report), competition is intensifying. Standard Bank is responding by:

  • Investing additional capital in its Tanzania and Angola operations
  • Expanding digital payment offerings across multiple countries
  • Leveraging AI and cloud infrastructure for scalability

“Looking forward, Africa is expected to grow ahead of most regions,” Tshabalala noted. “We’re positioned to capitalize on this opportunity while navigating evolving regulations and technological advancements.”