Standard Chartered & Airtel Africa partner to drive financial inclusion across Africa

Source: IBS Intelligence 2020-08-14

Standard Chartered Bank has announced that the bank has entered into a strategic collaboration with Airtel Africa to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.

Through the collaboration, both Standard Chartered and Airtel Africa will work together to co-create new and innovative products aimed at enhancing the accessibility of financial services and, serve te people across Africa better. Besides, Airtel Money’s customers will be able to leverage Standard Chartered bank accounts to make real-time online deposits and withdrawals and receive international money transfers directly to their wallets and access savings products, amongst other services.

“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,” said Sunil Kaushal, Standard Chartered Regional CEO, Africa, and Middle East.

The alliance will also help Standard Chartered’s corporate to make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers wallet, reducing the risks associated with traveling long distances for cash payments and instead use any Airtel Money agent, kiosk, or branch to cash-out their funds.

The announcement marks another milestone for Standard Chartered in further extending its reach and enhancing its unique product offerings. The bank, by partnering with mobile wallet providers, is expanding its network into markets where mobile wallets are prevalent, offering solutions that enable corporate and institutional clients to leverage the opportunities presented by mobile money, and enable efficient, scalable e-commerce and m-commerce solutions.

“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,” said Raghunath Mandava, CEO, Airtel Africa.

Also read: 5 FinTech startups bolstering financial inclusion in Africa

The partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19 mn customer base, with new products and services promoting the broader adoption of mobile money and increasing financial inclusion. Mobile banking transfers between Standard Chartered Bank and Airtel Money are now live in Uganda, Kenya, Tanzania, and Zambia. The companies are also planning to roll out the services further, subject to regulatory approvals.

Standard Chartered

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Standard Chartered & Airtel Africa partner to drive financial inclusion across Africa

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