StanChart partners Airtel to drive financial inclusion across Africa

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

The deal will enable Airtel Money’s customers 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, among other services.

Standard Chartered’s corporate clients will also be able to make rapid and secure bulk disbursements, such as payroll payments, directly into Airtel Money customers’ wallets. 

This will reduce the risks associated with travelling long distances for cash payments. Instead, customers will be able to go to any Airtel Money agent, kiosk or branch to cash out their funds.

Sunil Kaushal, StanChart’s regional chief executive officer for Africa and the 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.

“Over the past year, Standard Chartered has rapidly launched digital banks across nine countries on the continent, allowing our customers to enjoy seamless services from the safety of their homes even during the peak of the pandemic.”

Market-leading solutions

Kaushal added: “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.”

The recent announcement is another step by Standard Chartered that will help it continue to extend its reach and enhance its unique product offering.

By partnering with mobile wallet providers, the bank has expanded its network into markets where mobile wallets are prevalent. This strategic approach offers solutions which enable corporate and institutional clients to leverage the opportunities presented by mobile money and allows for efficient, scalable e-commerce and m-commerce solutions.

This partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19 million-strong customer base, with new products and services helping to promote the wider adoption of mobile money and increasing financial inclusion.

Cash-in tech in your pocket

Raghunath Mandava, chief executive for Airtel Africa, said: “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. 

“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.”

Mobile banking transfers between Airtel Money and Standard Chartered Bank are now live in Kenya, Tanzania, Uganda and Zambia. Other products will be rolled out later this year, subject to regulatory approval.

* Asaase Radio 99.5 – tune in or log on to broadcasts online.
#asaaseradio
#TVOL