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Airtel Africa Plc. – a subsidiary of Bharti Airtel – said on Thursday that it has signed a strategic partnership with Standard Chartered Bank to drive financial inclusion across key markets in Africa by increasing access to mobile financial services. The partnership is in line with the telecommunications company's strategy to increase its revenue through its mobile money service – Airtel Money – in addition to its voice and data services.

In a statement released by the Nigerian Stock Exchange (NSE), Airtel said that it will work collaboratively with the British multinational financial services firm to co-create innovative products aimed at enhancing access to financial services. Customers of Airtel Money – a digital wallet, which allows the users to make payments for goods and services – will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, said Airtel.

In addition, Airtel Money customers can also receive international money transfers directly to their wallets, and access savings products, amongst other services. The partnership will also allow Standard Chartered’s corporate clients to make secure bulk disbursements, such as payroll payments, directly into the e-wallets of Airtel Money customers. The customers can then withdraw the funds from any Airtel Money agent, kiosk, or branch of Standard Chartered.

Commenting on the partnership, Raghunath Mandava, CEO of Airtel Africa, said, “This highlights Airtel Africa’s commitment to providing affordable, innovative, best-in-class solutions to enhance the daily lives of our customers.”

The telecom company's first year-end results following Airtel Africa's primary and secondary listings on the London Stock Exchange (LSE) and the NSE, respectively, in July 2019, shows its revenues were boosted by Airtel Money. According to the results, released in May 2020, revenue from the mobile money service – with its 19 million customer base – grew by 33 per cent year-on-year to reach $311 million. Airtel Money represented 9 per cent of the group’s gross revenues.

For Standard Chartered, the collaboration aims to expand its network into markets where mobile wallets are prevalent. The bank also aims to offer solutions that enable corporate and institutional clients to leverage the opportunities presented by mobile money, as well as enable efficient, scalable e-commerce and m-commerce solutions.

“By collaborating with innovative organisations like Airtel Africa, we are accelerating our mobile and digital-led strategy to provide best-in-class financial services to Africa,” said Sunil Kaushal, Standard Chartered’s Regional CEO for Africa and Middle East. “This partnership will further enhance the ability of our customers to manage and move money safely and securely and create market-leading financial solutions across countries.”

According to a statement by Standard Chartered, mobile banking transfers between Airtel Money and the bank are now live in Kenya, Tanzania, Uganda and Zambia. The bank said other products will be rolled out later this year subject to regulatory approvals.