Standard Bank, Africa’s largest bank by assets, has partnered with Flutterwave, Africa’s leading payments technology company, to enhance digital payments experiences for its customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi. Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for millions of Africans.
The integration will help customers, including individuals, SMEs, large companies and institutions to fully leverage the power of digital payments and e-commerce to grow their businesses.
The COVID-19 crisis has changed how people buy and sell across Africa – enabling a massive shift to digital payments and e-commerce. According to Statista, digital responses were key to improving services within several sectors such as business, healthcare and education.
A shift to digital payments accounted for 33 per cent of all COVID-19 responses by governments and the private sector of sub-Saharan African countries in 2020.
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. 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 innovationdriven 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 segmentled 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.