ChildFund International is to utilise Standard Chartered’s Straight2Bank Wallet service to enable electronic payments into the mobile wallets of ChildFund beneficiaries.
The collaboration will enable vendors and staff of ChildFund to securely receive financial aid via their mobile wallets in Kenya in near real time. The beneficiaries can then choose to either encash the deposit in a nearby location or perform electronic payments such as online bill payments.
In addition to increased security and speed in remittance, electronic payments will enable greater visibility and simpler treasury operations.
“Through Straight2Bank Wallet, we can reach beneficiaries in a fraction of time,” said Sassan Parandeh, global treasurer, ChildFund International. “Not only will our vendors and staff gain from instantaneous access to funds, the disbursement of funds in a digital format accords a new level of security as the need to carry physical cash has been eliminated.
“Financial inclusion is hugely beneficial to economies and individuals,” said Dan Scanlan, Regional transaction banking head, Americas, Standard Chartered. “With over 2.5bn adults around the world outside the financial system, we look forward to playing a key role in delivering banking solutions to an otherwise unbanked population.”
Straight2Bank Wallet service is being rolled out in several countries and is currently available in Kenya, Nigeria, the Philippines and Thailand.
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However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.