Aug 13 (Lagos) - Airtel Africa (
AIRTELAFRI ) has entered into a strategic partnership with UK's Standard Chartered Bank which will allow Airtel Money customers to deposit and withdraw money from Standard Chartered bank accounts and also receive international money transfers in their wallets.
Shares of
AIRTELAFRI closed at all time high of N 280 per unit since its cross border secondary listing in 2019.
Airtel is Primary listed on London Stock Exchange and reports its financial results in USD.
This partnership is a win-win for both Companies and helps them increase market penetration in a growing economy. This is worry signal for the local banks in Nigeria who do not have such deals with telecom companies.
The Central Bank opened the door for telecom companies to offer banking services in Nigeria and they can attract a large portion of the retail banking customers especially from mid-tier level banks.
reporting for easykobo.com on Wednesday, Aug 13 2020 from Lagos, Nigeria