Cash remains the primary method for consumer-to-business (C2B) and business-to-consumer (B2C) transactions in many emerging markets, since access to traditional banking facilities remains low. Cash-dominant communities are a challenge for companies or businesses who want to send or receive money from individuals in a timely, secure and affordable manner. The working capital cycle for these businesses is often longer than ideal, and reconciliation of payments and collections is a manual process.
Solution
Vodafone’s M-Pesa is the world’s most successful mobile money deployment, with over 18mn active users in Kenya and over 5.8 mn in Tanzania. As a leading international bank in emerging economies, Standard Chartered is committed to forging partnerships with leading telecom providers; partnering with Vodafone – with Safaricom in Kenya and Vodacom Tanzania –, the bank can deliver robust and secure mobile money solutions, enabling companies to disburse or collect funds to and from individuals, wherever they may be located across the country.
Benefits
Enables payments/collections directly into/from mobile wallets, inclusive of unbanked individuals
Eliminates costs and risk of fraud and theft, increasing visibility
Streamlines back-office and reconciliation processes
“Our partnership with Vodafone enables us to deliver an enhanced, digital customer experience to companies, freeing up internal resources to focus on other strategic priorities. This sustainable partnership demonstrates our promise to be Here for Africa.” Namita Lal, Global Head Mobile Money & eCommerce
