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Zambia: Airtel and Standard Chartered Bank Launch Mobile Money Platform

Airtel Zambia has revealed that it has partnered with Standard Chartered Bank Zambia to launch a new mobile money wallet platform dubbed “Straight2Bank.”

This newly launched mobile money wallet will, according to the firm, give its customers the chance to instantly send money directly from their Standard Chartered Bank account to an Airtel money account as well as move funds from Airtel money account into the bank account.

“With this service, clients are now able to effectively reach out to their beneficiaries with timely payments, while mitigating the risks of fraud and theft associated with cash payments. The unique proposition ensures that customers have the flexibility to transfer money from their accounts to mobile money wallets. In addition to this, the service can be accessed internationally giving clients the flexibility to make payments to mobile wallets and Standard Chartered accounts beneficiaries in Zambia while they are abroad,”said Standard Chartered Bank Zambia head of Retail Banking Zambia and Southern Africa Sonny Zulu when speaking on the platform.

“Airtel is determined to contribute to the 2017 national financial inclusion strategy (by the Bank of Zambia) which supported institutions to leverage on digital technologies to reduce costs and expand financial services to both the formal and informal sectors,” said Airtel Zambia’s Chief Commercial Officer Apoorva Mehrotra.

The platform will look to help the unbanked section of Zambia as according to the Bank of Zambia, only 40% of Zambia’s 16 million people are banked. The partnership will thus aid in this by helping customers use mobile money ecosystems to pay and receive funds electronically from mobile phones, at any time and any location, added Mehrotra.

Airtel Zambia has around 5 million customers and is only second to MTN Zambia as the country’s biggest telecoms operators.

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