As one way of helping institutions that face challenges when making payments and other cash transfers to individuals or their beneficiaries, Standard Bank Plc has launched a Bol to wallet payment system.
The system is an integration of mobile money wallets with the Bank’s business online system and the new facility enables making payments from corporate accounts to Mpamba or Airtel money accounts.
Speaking at the launch yesterday Frank Chantaya who is Head of Corporate Banking at Standard Bank said, the integrated BOL platform boasts features such as online payment, beneficiary management, and refund capabilities making it an indispensable tool for corporate customers to perform various paymens with ease.
“The Malawi economy is predominantly banked by commercial banks who sit in the cities, we have got branches maybe in Zomba, Lilongwe, Kasungu and unfortunately what we haven’t done well is to make that service available in the rural areas. There is a very significant number that don’t have a bank account but these people have phones they can receive Mpamba and Airtel money”.
“So this platform brings those people into the official financial system by allowing them to access back services through their phones. So what business online does is that it allows whether it’s corporate or organization to send money instantly regardless of where you are, whether you are in the city or rural areas you don’t have to go into a bank, you don’t need to have a bank account all you need is a phone and a phone number and that’s all you will be sorted,” said Chantaya.
Chantaya also noted that Standard Bank is very dedicated to expanding financial inclusion and bridging the gap in access to financial services in the country.
‘So one of our key goals in Malawi 2063, is to bring all those people that are not banked into the formal system. So what we have done here, we have turned your phone into a branch your phone is now a bank account, you don’t need to have a physical bank for you to be able to cash all you need is your phone and by doing this we have converted every body’s phone into a bank,” he said.
Gomezgani Dlhovu from Plan International commended Standard Bank for launching the platform, saying now they will be able to send money to their beneficiaries through e-wallet.
“As International organizations that we are working with the rural communities, I think this is a great advantage because it makes it easy for us to send money when we are having workshops and also different activities in rural areas. So it has simplified everything but also something very unique is that we can do this anytime that we want so that the beneficiaries can be able to get the funds,” said Dlhovu.
