Standard Chartered Bank and Airtel Africa formed a strategic collaboration to promote financial inclusion across major markets in Africa by providing increased access to mobile financial services for customers
Through the collaboration, Standard Chartered and Airtel Africa will work together to co-create new, innovative products aimed at increasing the accessibility of financial services and, ultimately, serving people across Africa better.
In line with this, customers at Airtel Money will be able to make online deposits and withdrawals in real-time from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products among other services.
The corporate clients of Standard Chartered will also be able to make rapid and secure bulk disbursements directly into the Airtel Money customers wallet, such as payroll payments.
This reduces the risks of travelling long distances for cash payments, and customers can instead go to any Airtel Money agent, kiosk, or branch to cash out their funds.
Sunil Kaushal, regional CEO, 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.”
This partnership supports the efforts of Airtel Africa to expand the range and depth of its Airtel Money offerings across its 19mn customer base, with new products and services helping to foster wider mobile money adoption and increased financial inclusion.
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.”
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.
