The UK lender, which earns major chunk of its profit from Asia, said that it will concentrate on small and medium-sized firms and private banking operations, as reported by Bloomberg.
According to an estimate, African retail spending stood at nearly $1trn per annum.
An e-mail statement of Standard Chartered Middle East, Africa and Pakistan consumer banking head Raheel Ahmed was quoted by the news agency as saying that the lender will also substantially invest in digital technology over the next four years.
"There is so much growth potential, particularly where economies are growing rapidly," Ahmed told the news portal.
Standard Chartered, which opened 27 new bank outlets in 2012 in the continent, said that its operating revenue from Africa consumer banking unit increased by 9.4% in the first half of 2013 to $257m.
Ahmed further said that the UK bank’s income from retail banking in Africa, including credit cards and personal loans, is growing backed by expansion in Kenya and Botswana.
During the first half of the year, its income in Ghana and Zambia rose by 32% and 45%, respectively.
In May 2013, the lender said that it is mulling to expand its banking operations in two more African countries, including Angola and Mozambique.
In August this year, the bank introduced its cross border banking services in East Africa, with a strategy to offer a comprehensive banking facility to small business customers across the region.
