Standard Chartered Bank and MTN Uganda Limited have signed an agreement to allow MTN Mobile Money collections for Corporate and Business clients directly into their Standard Chartered Bank accounts on a real time basis. This solution is dubbed Straight2Bank Wallet Collections and will be delivered through the Bank’s Straight2Bank electronic banking platform.
Mr. Albert R. Saltson, Standard Chartered Bank’s Chief Executive Officer while delivering his remarks commended the collaboration with MTN Uganda saying the service will enhance the Bank’s client proposition and ability to extend its world-class financial services to clients countrywide.
“One of our strategic aspirations as Standard Chartered Bank is to be the Main Digital Bank for our customers and this commitment is reaffirmed by the launch of the Straight2Bank Wallet Collections solution today.
We will continue to invest in technology to keep pace with local and global developments. As a result the Bank in the recent past set aside USD 1.5 billion to be invested in technology and processes upgrade globally over three years. As part of this journey, Standard Chartered Bank Uganda has invested in digital innovations such as; the upgrade of the online banking platform, Launch of the Mobile app, Introduction of mobile wallets, Cash Deposit Machines and the replacement of ATMs across our network.
Client centricity remains a core priority for the Bank as we continue to build on our expertise and capabilities to support clients in capturing the opportunities presented by the global move towards a cashless society.” Saltson said.
While addressing the guests, Mr. Wim Vanhelleputte, CEO of MTN Uganda said;
“Since inception, MTN Mobile Money has played a remarkable role in fostering financial inclusion in Uganda. Initially offering a platform for our customers to cash in and cash out, MTN Mobile Money’s service offering has undergone several modifications to include bills and taxes payment, purchase of goods and services, defied existing geographical borders to enable customers to send and receive money internationally in real time. Just earlier this week, we launched a partnership with National Social Security Fund to enable millions of unbanked Ugandans remit their social security payments to the Fund to save for their future and a better retirement.”
Adding, “Today it gives me the utmost pleasure therefore, to announce an addition to our Mobile Money product offering in partnership with Standard Chartered Bank as we launch the Straight2Bank Wallet Collections Service. As MTN, we attest to a time tested Mobile Money service which we guarantee will offer your customers convenience and ease of transaction, which is safe and secure with real time reconciliation. We continue to complement the banking sector in fostering financial inclusion in Uganda.”
Key features of Straight2Bank Wallet collections are:-
- Enabling Corporate and Business clients to receive MTN Mobile Money payments directly into their bank account(s) on a real time basis.
- Automatic, real time email notifications, along with online reporting
- Risks associated with handling cash payments are mitigated
- Promoting financial inclusion
The Head of Transaction Banking at Standard Chartered Bank Uganda Mr. Keval Bid, added, “The Straight2Bank Wallet Collections solution is another way we are relieving some of the operational pressures of our corporate clients so they can focus more time and energy on running their core businesses more efficiently and profitably. Standard Chartered currently provides cash management solutions for more than 900 companies in Uganda, with more than 70% of those companies using our award winning online portal, Straight2Bank.”
In his closing remarks, Dr. Robin Kibuka, Board Chairman for Standard Chartered Bank Uganda thanked MTN Uganda for partnering with Standard Chartered Bank to increase access to financial services and ultimately contributing to Bank of Uganda’s goal of financial inclusion.
He added, “As the pioneers of Mobile Money in Uganda, you helped start a revolution that has increased the penetration of financial services. We are proud to be associated with you and recognise the tremendous contribution you continue to make towards Uganda’s economic growth and individual livelihoods.
To our dear customers, thank you for banking with us. We value your loyalty and pledge to continue innovating and developing solutions that guarantee value for both your businesses and individual growth.”
This service will significantly lower operating costs and risks associated with managing cash, shorten the debt collection period and ultimately help to boost efficiency in the working capital management for Standard Chartered’s corporate clients.
NB: This is a press release