Standard Chartered Bank and Airtel Africa have announced a strategic collaboration to drive financial inclusion across important markets in Africa by providing customers with increased access to mobile financial services
Through the collaboration, Standard Chartered and Airtel Africa will work together to co-create innovative products aimed at enhancing the accessibility of financial services and, ultimately, better serve people across Africa.
In line with this, Airtel Money’s customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products amongst other services.
Standard Chartered’s corporate clients will be able to make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers wallet. This reduces the risks associated with travelling long distances for cash payments and instead customers can go to any Airtel Money agent, kiosk, or branch to cash-out their funds.
Sunil Kaushal, regional CEO, Africa and Middle East, said, “By collaborating with innovative organisations like Airtel Africa, we are accelerating our mobile and digital-led strategy to provide best in class financial services to Africa.”
With the initiative, Standard Chartered aims to further extend its reach and enhance its produce offering. By partnering with mobile wallet providers, the bank has expanded its network into markets where mobile wallets are prevalent, offer solutions that enable corporate and institutional clients to leverage the opportunities presented by mobile money, and enable efficient, scalable e-commerce and m-commerce solutions.
Mobile banking transfers between Airtel Money and Standard Chartered Bank are now live in Kenya, Tanzania, Uganda and Zambia. Remaining products will be rolled out later this year subject to regulatory approvals.
