Standard Chartered Bank of Nigeria has partnered with eTranzact International to offer its new mobile payment service for corporate clients in the country.
Called Straight2Bank Mobile Wallet, the new service is in line with the Central Bank of Nigeria (CBN) Financial Inclusion strategy to the unbanked and semi-banked population.
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Through this service, development organisations, international organisations, non-bank financial institutions, agricultural companies and fast-moving consumer goods (FMCG) companies will be able to make payments to both banked and unbanked individuals.
According to Standard Chartered, the service benefits to clients include low risks of cash payments at rural locations; reduced cost of handling cash; simplified and accelerated payment processes with respect to administration and reconciliation; increased cash-out options for beneficiaries including agents, ATMs, wallets among others.
Standard Chartered Nigeria Limited CEO, Bola Adesola, said: "We are delighted we are able to support clients with mobile payment solutions in Nigeria in line with the Central Bank’s Financial Inclusion strategy."
"This platform will provide better efficiency measures, reporting standards and cost savings to our clients. The availability of mobile wallets represents a fantastic opportunity for any organisation or company with business in emerging markets to reach out to individuals more efficiently and, in the process, drive large-scale social and economic change."
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