The Standard Bank Group which operates as CfC Stanbic Bank in Kenya plans on replicating the Kenyan success of the CfC Stanbic Bank bulk mobile payments solution in its Tanzanian and Ugandan markets. The Bank’s mobile payments solution has been able to address a number of challenges faced by corporate institutions in expending payments to a large number of people, a good number of whom do not have access to banking services.
CfC Stanbic Bank’s Regional Head for Transactional Banking, Robert Masinde said that the Mobile Bulk Payment solution designed for corporate organizations now makes it easier for corporations to send money in bulk to their suppliers, employees or other business partners without the beneficiaries necessarily having to own a bank account.
Earlier this year, CfC Stanbic Bank’s innovative solution to provide a seamless channel for execution of bulk payments in Kenya via mobile banking was feted as the best mobile solution provider in a field that featured the world’s premier financial services institutions.
In the Kenyan market, the bank has partnered with mobile telephony service providers to offer a mobile banking service that enables corporate clients to disburse bulk payments such as salaries, dividend payments, per diem allowances and pension payments to various beneficiaries through their mobile phones. The mobile banking solution is accessible through more than 20,000 M-PESA payment points, over 4,000 Airtel Money payment points, Pesa Point & Equity Bank ATMs countrywide. It is also accessible in all M-Pesa payment points in Tanzania and through MTN Money in Uganda.
