British multinational bank Standard Chartered has inked a deal with telecom company Airtel Africa to boost financial inclusion across Africa.
The deal would, in particular, aim to make mobile financial services more accessible for customers, according to Verdict.
The partnership will empower Airtel Money customers to make online deposits and withdrawals on a real-time basis via Standard Chartered’s account as well as enabling them to receive international remittances.
These services are reportedly already live in Kenya, Tanzania, Uganda and Zambia.
“Our relationship with Standard Chartered boosts financial inclusion across the continent, giving millions of people access to valuable banking services,” said Raghunath Mandava, CEO of Airtel Africa, according to Verdict.
The FinTech companies based in Africa raised over $1.1bn across 122 transactions between 2015 and 2019, according to FinTech Global’s research. The payments and remittances subsector received 60.9% of African investment amounting to $699.5m in funding during the period. Marketplace lending was the second largest sector, having received 17.9% of the total investment during the period.
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