Standard Chartered Bank has joined forces with telco giant Airtel Africa to drive financial inclusion across the continent through mobile services.
Under the deal, 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.
Meanwhile, 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, reducing the risks associated with travelling long distances for cash payments.
Mobile banking transfers between Airtel Money and Standard Chartered Bank are already live in Kenya, Tanzania, Uganda and Zambia. Other products will follow later in the year, subject to regulatory approval.
Raghunath Mandava, CEO, Airtel Africa, says: “Our relationship with Standard Chartered boosts financial inclusion across the continent, giving millions of people access to valuable banking services."