Standard Chartered Bank, also known as Stanchart, have penned a deal with Airtel Africa to lay a strategy for driving financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.
Through the collaboration, the two will work together to co-create new, innovative products aimed at enhancing the accessibility of financial services and, ultimately, better serve people across Africa.
“By collaborating with innovative organisations like Airtel Africa, we are accelerating our mobile and digital-led strategy to provide the best in class financial services to Africa,” said Sunil Kaushal, Regional CEO, Africa, and the Middle East.” This partnership will further enhance the ability of our customers to manage and move money safely and securely and create market-leading financial solutions across countries.”
Over the past year, Standard Chartered has rapidly launched digital banks across 9 countries on the continent, allowing customers to enjoy seamless services from the safety of their homes even during the peak of the pandemic.
Following this partnership, 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 also 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 traveling long distances for cash payments and instead customers can go to any Airtel Money agent, kiosk, or branch to cash-out their funds.
“Our relationship with Standard Chartered boosts financial inclusion across the continent, giving millions of people access to valuable banking services. We continue to invest heavily in cashing in and cashing out locations for our customers and increase our distribution,” Raghunath Mandava, CEO, Airtel Africa.
The partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19 million customer base, with new products and services helping to promote the wider adoption of mobile money and increasing financial inclusion.
“This means that our customers can now send or receive digital payments via Standard Chartered Bank directly to their mobile phones, as well as cash-out their funds at our exclusive kiosks and branches at their convenience. This highlights Airtel Africa’s commitment to providing affordable, innovative, best-in-class solutions to enhance the daily lives of our customers,” Mandava added.
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.
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