Standard Chartered Bank is partnering with MTN Uganda, a mobile money provider in the country, to launch Straight2Bank wallet in the country. First introduced by Standard Chartered in Kenya, Straight2Bank is a mobile wallet service that enables companies to make cashless payments to the MTN Mobile Money wallets, of both banked and unbanked individuals. The bank’s partnership with MTN will expand the coverage of Standard Chartered’s mobile wallet service in Africa, making it the sixth country in Africa where the service is available. The bank’s corporate clients in Uganda can now use Straight2Bank electronic banking platform to make payments directly into an individual’s MTN Mobile Money wallet. This allows clients to effectively reach out to their beneficiaries with timely payments, while mitigating the risks of fraud and theft associated with cash payments.
