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Airtel partners Standard Chartered Bank to expand its fintech business

The partnership will enable Airtel to provide increased access to mobile money services to customers.

Airtel Africa Plc is expanding its fintech business. Earlier this morning, the company announced that it had just entered into partnership with Standard Chartered Bank.

The aim of the partnership is to enable the telecoms operator to deepen its financial inclusion drive across its key markets.

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A corporate disclosure that was signed by the Company Secretary, Simon O’Hara noted that the partnership will enable Airtel to provide increased access to mobile money services to customers.

“Standard Chartered and Airtel Africa will work together to co-create new, innovative products aimed at enhancing the accessibility of financial services and, ultimately, better serve people across Africa. In line with this, 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 amongst other services,” the statement by the company said.

The statement further noted the following:

  • The partnership will enable Airtel to expand the range and debt if its fintech business arm –Airtel Money.
  • New products and services will be launched at targeted primarily at Airtel’s 19 million customer base.
  • The ultimate aim is to encourage the adoption of mobile money whilst engendering the financial inclusion goal of the CBN.

Chief Executive Officer of Airtel Africa Plc, Raghunath Mandava, commented on the partnership with Standard Chartered Bank saying:

“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.”