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Standard Chartered and Airtel partners to drive financial inclusion

In Summary
  • Mobile banking transfers between Airtel Money and Standard Chartered Bank are now live in Kenya, Tanzania, Uganda and Zambia.
  • Standard Chartered’s corporate clients will easily make rapid and secure bulk disbursements
The Standard chartered bank on Kenyatta avenue. Photo/Monicah Mwangi
The Standard chartered bank on Kenyatta avenue. Photo/Monicah Mwangi

Standard Chartered Bank and Airtel Africa have entered a strategic collaboration to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.

The initiative will see the two institutions will work together to co-create new; innovative products aimed at enhancing the accessibility of financial services and, 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 easily make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers’ wallet.

“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," Standard Chartered Regional CEO, Africa and the Middle East Sunil Kaushal said.

He added that, 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.

On his part, Airtel Africa CEO Raghunath Mandava said the partnership supports the Telco’s efforts to expand the range and depth of its mobile 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.

“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,’’ Mandava said.

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.