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Straight2Bank rolls out in Zambia

Straight2Bank rolls out in Zambia

Zambia's second largest mobile phone operator Airtel Zambia has partnered with Standard Chartered Bank Zambia to launch the mobile money wallet platform Straight2Bank.

The platform enables customers to instantly send money directly from their Standard Chartered Bank account to an Airtel money account as well as move funds from Airtel money account into the bank account.

Standard Chartered Bank Zambia head of Retail Banking Zambia and Southern Africa Sonny Zulu said, "With this service, clients are now able to effectively reach out to their beneficiaries with timely payments, while mitigating the risks of fraud and theft associated with cash payments. The unique proposition ensures that customers have the flexibility to transfer money from their accounts to mobile money wallets. In addition to this, the service can be accessed internationally giving clients the flexibility to make payments to mobile wallets and Standard Chartered accounts beneficiaries in Zambia while they are abroad."

Airtel Zambia's Chief Commercial Officer Apoorva Mehrotra said the partnership will help customers use mobile money ecosystems to pay and receive funds electronically from mobile phones, at any time and any location..

"Airtel is determined to contribute to the 2017 national financial inclusion strategy (by the Bank of Zambia) which supported institutions to leverage on digital technologies to reduce costs and expand financials services to both the formal and informal sectors," he said.

Airtel Zambia is the country's second largest mobile phone operator after MTN Zambia with close to 5 million customers.

According to the Bank of Zambia, only 40% of Zambia's 16 million people are banked.

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