Airtel, Standard Chartered To Drive Financial Inclusion

Airtel Africa Plc and Standard Chartered Bank Plc have agreed to drive financial inclusion across Africa through creation of a product that allows online deposits and withdrawals from the partnering bank.

Airtel made this known while announcing its strategic partnership with Standard Chartered Bank.

The telco said that with the new innovation, Airtel Money’s customers would be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts.

Standard Chartered’s corporate clients would also be able to make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers wallet.

Airtel said, “This reduces 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.”

The telco further disclosed that the product would also allow customers receive international money transfers directly to their wallets, and access savings products.

According to Airtel, the move will accelerate financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.

Airtel noted the partnership supports its efforts to expand the range and depth of its Airtel Money offerings across its 19 million customer base, with new products and services helping to promote the wider adoption of mobile money and increasing financial inclusion.

The Chief Executive Officer, 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.”

The CEO said the implication of the partnership with Standard Chartered is that customers can now send or receive digital payments via Standard Chartered Bank directly to their mobile phones.