Standard Chartered Bank has secured a new partnership with telco giant Airtel Africa with the aim of boosting financial inclusion across the continent via its mobile services.
Under the terms of the agreement, Standard Chartered’s corporate clients will be able to make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers wallet. This is expected to reduce the risks associated with long distance transfers of cash payments.
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.”
Airtel Money’s users will also benefit from real-time online deposits and withdrawals from Standard Chartered bank accounts, in addition to receiving international money transfers directly to their wallets, and access savings products.
The duo have already taken their services live across Kenya, Tanzania, Uganda and Zambia, with further products due to be launched later this year pending regulatory approval.