Standard Chartered Bank has joined forces with Airtel Africa to provide customers with increased access to mobile financial services.
With this strategic partnership, Standard Chartered and Airtel Africa will work together to co-create new, innovative products that will enhance the accessibility of financial services and, ultimately, better serve people across Africa.
Airtel Money’s customers can make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products while 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 would eliminate 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.
Regional CEO for Africa and Middle East of Standard Chartered, Sunil Kaushal 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 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 to promote the wider use of mobile money while increasing financial inclusion.
Furthermore, CEO of Airtel Africa, Raghunath Mandava 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.”
Currently, Mobile banking transfers between Airtel Money and Standard Chartered Bank are live Kenya, Tanzania, Uganda and Zambia.
However, the remaining products will be launched later this year subject to regulatory approvals.