Safaricom general manager (financial services) Betty Mwangi-Thuo and
chief executive officer Bob Collymore during the launch of the Lipa Na
M-Pesa campaign at Safaricom House in Nairobi on June 24, 2013. FILE
By John Gachiri
Standard Chartered Bank has launched a bulk payments service for customers through Safaricom’s mobile money transfer service, M-Pesa.
The product, dubbed “Straight2Bank Mobile Wallet”, is tailored for the bank’s clients in the NGO sector, insurance and fast moving consumer goods.
The product is meant to make it easier for corporate clients to make payments to their staff, aid workers and farmers in locations with no banking services and therefore have to be paid in cash, which is both expensive and risky.
“This will significantly lower risks and reduce costs in handling cash, while simplifying and accelerating the payment processes of administration and reconciliation,” said Standard Charted in a statement.
Straight2Bank Mobile Wallet will also be rolled
out in other markets across Africa, Asia and the Middle East where
Standard Charted operates.
Safaricom’s M-Pesa has 17 million registered users
and the rapid growth has seen banks re-align their products and
services to take advantage of the service.
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