Standard Chartered Bank has partnered with MTN Uganda Limited, a leading mobile money provider in Uganda, to launch Straight2Bank Wallet in the country.
First introduced by Standard Chartered in Kenya, Straight2Bank Wallet is a mobile wallet service that enables companies to make cashless payments to the MTN Mobile Money Wallets, of both banked and unbanked individuals. The Bank’s partnership with MTN will expand the coverage of Standard Chartered’s mobile wallet service in Africa, making it the sixth country in Africa where the service is available.
With the introduction of this new payment channel, Standard Chartered’s corporate clients in Uganda can now use the Bank’s Straight2Bank electronic banking platform to make payments directly into an individual’s MTN Mobile Money wallet. This allows clients to effectively reach out to their beneficiaries with timely payments, while mitigating the risks of fraud and theft associated with cash payments.
More than half of Uganda’s population operates mobile money accounts, providing an ideal platform for companies to deliver safe and timely payments directly to individual beneficiaries.
Straight2Bank electronic banking platform can be used to make payments directly into an individual’s MTN #MobileMoney wallet.
— MTN Uganda (@mtnug) June 7, 2016
Phrase Lubega, MTN’s General Manager for Mobile Financial Services said, “Mobile wallets are especially useful for companies such as; development organisations, international organisations, agricultural companies and fast-moving consumer goods companies which process high volumes of individual payments to beneficiaries such as; aid workers, trainers, policy holders and farmers. This partnership provides immense opportunity for such companies and organisations to make payments directly to the final beneficiaries. MTN continues to provide Mobile Money innovations to support our partners and we are very excited about this partnership with Standard Chartered Bank.”
Standard Chartered CEO Herman Kasekende commended the collaboration with MTN saying it will enhance the Bank’s ability to extend its world-class financial services countrywide.
“The Ugandan government is working towards a cashless economy, to maximise operational efficiencies and mitigate the risks associated with cash payments. Standard Chartered remains committed to creating partnerships which not only enhance the local financial sector’s proposition and infrastructure, but also improves our customers’ experience and operational efficiencies.” Kasekende said.
The Head of Transaction Banking at Standard Chartered Bank Uganda Mr. Keval Bid, added, “Straight2Bank Wallet is another way we are relieving some of the operational pressures on Ugandan-based companies so they can focus more time and energy on running their core businesses more efficiently and profitably. Standard Chartered currently provides cash management solutions for more than 900 companies in Uganda, with more than 65% of those companies using our award winning online portal, Straight2Bank.”
To date Standard Chartered has delivered the benefits of Straight2Bank Wallet to corporates in 11 markets within the Bank’s global footprint, namely Kenya, Nigeria, Tanzania, Zambia, Ghana, Pakistan, Bangladesh, the Philippines, Thailand, Indonesia and Vietnam. The Bank aims to launch the product in more markets by the end of 2016.