Standard Chartered, Airtel Africa in Fintech pact
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.
According to a statement released to the media, 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,” the companies add.
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 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. 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.”
This partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19-million customer base.
Raghunath Mandava, CEO, Airtel Africa, said: “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.”
According to the companies, 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.