Wesbank

Stanchart launches Bank2wallet

SHARE   |   Monday, 26 February 2018   |   By Othusitse Tlhobogang
Stanchart launches Bank2wallet

In an effort to bridge the gap between the banked and unbanked, Standard Chartered Bank and Orange Botswana entered a partnership to bring Bank2Wallet service. This service will allow the bank’s account holders to send money to Orange Money accounts promoting financial inclusion, convenience and ease of transaction. Speaking at the launch of this service (Bank2Wallet) Standard Chartered Head of retail Products Brain Mfula said this mobile money service is extending the easily forgotten privilege of banking to a greater proportion of Botswana’s population countrywide. Mfula said with Bank2Wallet a greater number of people will be reached with ease through digital innovation. “Mobile Money is at the exciting intersection where digital innovation meets financial inclusion. Coupled with our award winning online and mobile platforms, this product offers not only financial inclusion but the convenience and ease of use that come with our world class platforms,” he said. Currently for one to send cash through Orange Money they have to visit Orange shop or any of its partners to make the transaction. With Bank2Wallet Standard bank account holders can easily transfer funds to anyone having Orange Money wallet directly for their account at their convenience through Standard chartered Mobile App. Mfula said the service is instant and safe to use as the funds are covered by Anti Money Laundering best service as well as 2-step security authorisation as it will be coming from the bank. 


Mfula said this partnership will see to it that the service grows with time to increase further the coverage and adding more innovative enhancements. “This is not a static product, there is plenty still to come,” he said. Some of the anticipated enhancements include the ability to send funds back from a mobile wallet (Orange Money) to a standard bank account. Since at present the service is done through SC Mobile App, linking the capability to the Straight2Bank online banking platform is another anticipated addition. Orange Money’s Kealeboga Sebolai concurred with Mfula, saying the service is a catalyst to seamless financial transactions between the banked and the unbanked. Sebolai said this service will position Orange Money on the right path towards inclusive financial services. He said the partnership between Orange and Standard bank allows both parties to leverage their strengths to contribute positively to the growth of the informal sector and the finance sector. “And most importantly for us as Orange Botswana, it affirms our commitment towards contributing to the development and evolution of Botswana’s financial landscape,” he said.