Kampala, Uganda | JULIUS BUSINGE | 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 bank accounts, officials said in a press release shared on Sept. 15.
The new service is called Straight2Bank Wallet Collections and will be delivered through the Bank’s Straight2Bank electronic banking platform.
Albert Saltson, the Stanchart chief executive officer says 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,” Saltson said, adding, “We will continue to invest in technology to keep pace with local and global developments.”
The Bank is currently in its three years US$1.5 billion investment in technology to back new initiatives.
Wim Vanhelleputte, the chief executive officer of MTN Uganda said MTN Mobile Money has played an instrumental role in fostering financial inclusion in Uganda.
“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,” he said.
The new solution will enable corporate and business clients to receive MTN mobile money payments directly into their bank account(s) on a real time basis. It will also allow for aautomatic, real time email notifications along with online reporting in addition to mitigating risks related to handling cash.
Stanchart officials said that the Bank provides cash management solutions for more than 900 companies in Uganda, with more than 70% of those companies using the Straight2Bank online portal.