Standard Chartered has introduced “Straight2Bank Mobile Wallet”, which is its new mobile payment service for corporate clients in Nigeria, in partnership with eTranzact International Plc.
The berth of Straight2Bank Mobile Wallet is in line with the Central Bank of Nigeria (CBN) Financial Inclusion strategy to the unbanked and semi-banked population.
The new service enables clients such as development organisations, international organisations, non-bank financial institutions, agricultural companies and fast-moving consumer goods (FMCG) companies to make payments to both banked and unbanked individuals such as aid workers, trainers, policy holders, farmers and other beneficiaries.
The bank said this service offers the following benefits to its clients: significantly lower the risks of cash payments at rural locations; reduced cost of handling cash; simplified and accelerated payment processes with respect to administration and reconciliation; increased cash-out options for beneficiaries including agents, Atm’s, wallets amongst others
In response to growing corporate demand for convenient payments capabilities, Straight2Bank Mobile Wallet expands the Bank’s existing Straight2Bank platform that offers internet-based service for corporate customers and enables them make these bulk mobile money payments from the comfort of their offices to several beneficiaries across Nigeria.
One of the key valuable features is the complete end-to-end automated transaction process through integration with eTranzact removing the need for manual intervention, which provides efficiency, scalability and reduced error rate.
Bola Adesola, CEO, Standard Chartered Nigeria Limited said “At Standard Chartered, Mobility is a key component of our client service channels strategy. We believe mobile devices will become a prime mode of financial interaction and transaction in the coming years. We are delighted we are able to support clients with mobile payment solutions in Nigeria in line with the Central Bank’s Financial Inclusion strategy.”
She added, “This platform will provide better efficiency measures, reporting standards and cost savings to our clients
The potential for mobile wallets penetration across emerging markets is substantial. An estimated one billion people across Asia, Africa and the Middle East possess a mobile phone but do not have a bank account. The availability of mobile wallets represents a fantastic opportunity for any organisation or company with business in emerging markets to reach out to individuals more efficiently and, in the process, drive large-scale social and economic change.”
