Connect with us

Banking

Standard Chartered and Airtel Africa form partnership to drive financial inclusion across Africa

Standard Chartered and Airtel Africa form partnership to drive financial inclusion across Africa 1

Standard Chartered Bank and Airtel Africa have today announced a strategic collaboration to drive financial inclusion across key 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 new, 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 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 travelling long distances for cash payments and instead customers can go to any Airtel Money agent, kiosk, or branch to cash-out their funds.

Commenting on the collaboration, 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. Over the past year, Standard Chartered has rapidly launched digital banks across 9 countries on the continent, allowing our customers to enjoy seamless services from the safety of their homes even during the peak of the pandemic. 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 taken by Standard Chartered to further extend its reach and enhance its unique 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.

This 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.

Raghunath Mandava, CEO, 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. Remaining products will be rolled out later this year subject to regulatory approvals.

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now