Customers of Standard Bank in nine African countries will benefit from improved digital payments thanks to a partnership with Flutterwave.
Standard Bank, Africa’s largest bank by assets, has partnered with Flutterwave, Africa’s major payments technology company, to improve customers’ digital payments experiences in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire, and Malawi. For millions of Africans, Flutterwave and Standard Bank are collaborating to develop e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities.
Customers, including individuals, SMEs, large companies, and institutions, will be able to fully leverage the power of digital payments and e-commerce to grow their businesses as a result of the integration.
The COVID-19 crisis has shifted how Africans buy and sell, allowing for a massive shift to digital payments and e-commerce.
Digital responses, according to Statista, were crucial in improving services in a variety of industries, including business, healthcare, and education.
In 2020, governments and the private sector in Sub-Saharan African countries responded to COVID-19 with a shift to digital payments accounting for 33% of all responses.
Institutions, businesses, and individuals are all looking for new ways to communicate with their customers through digital channels.
Standard Bank will provide agile tech solutions to its customers as a result of this partnership, allowing them to grow their businesses both online and offline.
This collaboration highlights the unique collaborative relationship that exists between banks and fintechs across Africa, where the needs and satisfaction of customers are prioritized.
Commenting on the news, Olugbenga GB Agboola, Founder and Chief Executive Officer of Flutterwave said: “We are proud that Flutterwave’s white label services power digital efforts for top banks in Africa. Our partnership with Standard Bank demonstrates that fintechs and banks are not competitors but trusted partners with the key focus being the customer. We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent”.
Dr. Demola Sogunle, Chief Executive Officer, Stanbic IBTC Holdings, a member of the Standard Bank Group, reinforced the importance of the partnership to Stanbic IBTC’s customers. He said: “In its over three decades of existence, Stanbic IBTC has a rich heritage of serving customers and contributing to the growth of the Nigerian economy. At Stanbic IBTC, we see Nigeria as our home and we drive her growth.
From left: Olugbenga GB Agboola, Founder and Chief Executive Officer Flutterwave and Demola Sogunle, Chief Executive Stanbic IBTC Holdings at the announcement of Standard Bank’s partnership with Flutterwave to bring enhanced digital payments experience to customers
The selection of Flutterwave as our digital transformation partner reflects our resolve to deliver real impact and opportunities to our various customers. It is also a reflection of our mission to adopt digital strategies to improve our services and processes, being an innovation-driven financial institution.”
Also speaking during the announcement, Eric Fajemisin, Head, Wholesale Clients, Stanbic IBTC Bank said: “One of the mandate on our evolution to a client segment-led organisation is to partner with trusted partners in our ecosystem to meet our clients’ needs. This partnership with Flutterwave is one that gives credence to that and enables us connect with our clients via digital platforms further reiterating our well-earned status as their partner as they also transform within their businesses.”
L- R Margaret Nienaber, Chief Executive Officer, Client Solutions, Standard Bank , Demola Sogunle, Chief Executive Stanbic IBTC Holdings and Olugbenga GB Agboola, Founder and Chief Executive Officer Flutterwave at the announcement of Standard Bank’s partnership with Flutterwave to bring enhanced digital payments experience to customers.
Commenting on the benefits of the Flutterwave partnership to the financial institution’s customers, Olu Delano, Head, Client Coverage, Stanbic IBTC Bank, stated: “Our collaboration with Flutterwave is a testament to a renewed drive and focus on our future-ready transformation ambition. With our clients as the focus and center of this partnership, we are building a platform and payment system to support our customers and their targeted ecosystem across Africa, ultimately delivering exceptional service and enhancing customer experience.\
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