Standard Chartered Bank Kenya, in partnership with Safaricom’s M-Pesa, has launched “Straight2Bank Mobile Wallet”, a new mobile payment service for its corporate clients.

The service enables the likes of development organisations, insurance companies and fast-moving consumer goods (FMCG) companies to make payments to both banked and unbanked individuals via their M-Pesa mobile wallet.

The service’s appeal, claims the bank, is lower risk and cost (compared with handling cash). At the same time, payment processes of administration and reconciliation can be
simplified and accelerated.

M-Pesa, a hugely popular money transfer service, has around 65,000 agent outlets in Kenya. More than two thirds of Kenya’s adult population – about 17 million – are M-Pesa users.

“Mobility is a key component of our client service channels strategy. We believe mobile devices will become the prime modes of financial interaction and transaction in the coming years,” said Apurva Jain, head of transaction banking (East Africa) at Standard Chartered.

Standard Chartered intends to expand the offering to other “relevant countries” across its footprint of Asia, Africa and the Middle East.