Standard Chartered Bank and MTN Uganda Limited on Thursday signed an agreement to allow MTN Mobile Money collections for Corporate and Business clients directly into their Standard Chartered Bank accounts on a real time basis. This solution dubbed Straight2Bank Wallet Collections will be delivered through the Bank’s Straight2Bank electronic banking platform.
Mr. Albert R. Saltson, Standard Chartered Bank’s CEO while delivering his remarks commended the collaboration with MTN Uganda saying the service will enhance the Bank’s client proposition and ability to extend its world-class financial services to clients countrywide.
“One of our strategic aspirations as Standard Chartered Bank is to be the Main Digital Bank for our customers and this commitment is reaffirmed by the launch of the Straight2Bank Wallet Collections solution today,” Saltson said during the launch event.
“We will continue to invest in technology to keep pace with local and global developments,” Saltson adds.
As a result the Bank in the recent past set aside USD$1.5 billion to be invested in technology and processes upgrade globally over three years. As part of this journey, Standard Chartered Bank Uganda has invested in digital innovations such as; the upgrade of the online banking platform, Launch of the Mobile app, Introduction of mobile wallets, Cash Deposit Machines and the replacement of ATMs across our network.
“Since inception, MTN Mobile Money has played a remarkable role in fostering financial inclusion in Uganda. Initially offering a platform for our customers to cash in and cash out,” Wim Vanhelleputte, CEO of MTN Uganda said while addressing the guests at the event.
He continued to add that the Mobile Money’s service offering has undergone several modifications to include bills and taxes payment, purchase of goods and services, defied existing geographical borders to enable customers to send and receive money internationally in real time.
Earlier this week, MTN Uganda also launched a partnership with National Social Security Fund (NSSF) to enable millions of unbanked Ugandans remit their social security payments to the Fund to save for their future and a better retirement.
The Head of Transaction Banking at Standard Chartered Bank Uganda Mr. Keval Bid, said; “The Straight2Bank Wallet Collections solution is another way we are relieving some of the operational pressures of our corporate clients so they can focus more time and energy on running their core businesses more efficiently and profitably.”
“As the pioneers of Mobile Money in Uganda, you helped start a revolution that has increased the penetration of financial services. We are proud to be associated with you and recognize the tremendous contribution you continue to make towards Uganda’s economic growth and individual livelihoods,” Dr. Robin Kibuka, Board Chairman for Standard Chartered Bank said in the closing remarks.
Straight2Bank Wallet Collections will significantly lower operating costs and risks associated with managing cash, shorten the debt collection period and ultimately help to boost efficiency in the working capital management for Standard Chartered’s corporate clients.