Standard Chartered and Airtel Africa sign financial inclusion partnership
Standard Chartered Bank and Airtel Africa have announced a partnership to boost financial inclusion across “key markets” in Africa.
Kenya, Tanzania, Uganda and Zambia are the first “key markets” for the partnership
The bank and the telecommunications firm plan to create “new, innovative products aimed at enhancing the accessibility of financial services.”
Through the deal Airtel Money’s customers can make real-time online deposits and withdrawals from Standard Chartered bank accounts.
Standard Chartered’s corporate clients can make bulk disbursements, such as payroll payments, directly into the Airtel Money customer’s wallet.
Mobile banking transfers between Airtel Money and Standard Chartered Bank are live in Kenya, Tanzania, Uganda and Zambia.
Remaining products will be rolled-out later this year subject to regulatory approvals.
Sunil Kaushal, regional CEO for Standard Chartered, says the collaboration is part of the bank’s strategy in 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.”
For Airtel Africa, the partnership offers a chance to expand the range and depth of its services.
The telecoms firm’s CEO Raghunath Mandava says Airtel continues to “invest heavily” in cashing in and out locations across the continent.
“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.”
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