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Banking Innovation Standard Chartered partners Airtel Money for easy payments

The service, which is the latest addition, enables clients use Airtel money platform to pay and receive money digitally, lowers the risks and cost in handling cash and accelerates the payment process of administration and reconciliation.

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Standard Chartered Bank together with Airtel Ghana has launched the Straight2Bank Wallet with Airtel money to extend simplified banking services to the unbanked across the country.

The Straight2Bank Wallet is a new mobile money service that enables clients such as development organisations, insurance companies and fast-moving consumer goods companies to make and receive payments to and from both banked and unbanked individuals specially aid workers, policy holders and farmers through their mobile wallet.

The service, which is the latest addition, enables clients use Airtel money platform to pay and receive money digitally, lowers the risks and cost in handling cash and accelerates the payment process of administration and reconciliation.

Mr Benjamin Bright-Davies, Executive Principal Head Product Management and Transaction Banking West Africa speaking at the launch noted that the technological advancement would revolutionarise the way clients pay and receive money as this is secure, fast, increase flexible and can reach out to individuals efficiently.

He said this would offer a cash-lite economy and mitigate risks associated with carrying large sums of money about.

Mrs Lucy Quist, Managing Director Airtel Ghana speaking at the event said Straight2Bank wallet service is seamless, safe and instant mode of making single multiple payments to employees or suppliers in a single batch.

“We at Airtel Ghana are very excited about the service and the partnership with Standard Chartered Bank.

“As one of the most forward looking financial services in Ghana with a strong commitment to technology, we have no doubt that this partnership will be a great step towards achieving our goal of attaining a cash-lite economy,” she noted.

Mrs Quist stated that the change would create opportunities, grow the bank, create value in the market place to enable the unbanked have access to financial services at their convenience is a good initiative since 70 per cent of Ghana’s population do not have bank accounts.

She said with the availability of financial services on phones, customers would be able to do lot of things with mobility.

“Technology is here to provide convenience, to work for partners, to reach out to more people and has made it even easier to be able to move faster for the development we need as a country.”

Mr Kweku Bedu-Addo, Chief Executive Officer Standard Chartered Bank also added that the

advent of ubiquitous technology is driving change in all aspects of the economy and as such it is great the two business entities are pausing to reflect on these changes to provide the needed services that would make life more convenient for clients.

Mr Bedu-Addo said the unbanked have tremendous effect on financial inclusion since that is the challenge currently faced with the country.

He therefore said drawing a lot of people into the financial service with much convenience, reliability and value is what this service seeks to achieve.

“If we change in this technological era, adapt, forward looking, inclusive then we are going to be the custodians of the inevitable.”

He thus congratulated the project team for all the efforts put in place to ensure this change is a success.

Mr Andrews Osei, Director Product Development Transaction Banking Ghana said the Straight2Bank Wallet enables corporate to make online payments directly to mobile wallets.

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