LILONGWE–(MaraviPost)-As part of its efforts to enhance digital banking and promote financial inclusion in the country, Standard Bank Plc has announced the integration of its Business Online (BOL) platform to mobile money wallets.
Frank Chantaya, the head of Corporate and Investment Banking at Standard Bank Plc says the integration aims to provide convenience and ease of payments for corporate customers.
“The integration will enable our customers to make payments directly to TNM Mpamba, Airtel Money from their corporate account through Business Online. The platform already offers corporate customers access to features such as online payments and beneficiary management.
“This integration speaks to our commitment to deepen financial inclusion by making the country’s best digital banking platform which Standard Bank offers, widely accessible across multiple channels,” he said.
Chantaya said the integrated features of Standard Bank’s BOL have been designed to deepen financial inclusion and break barriers in accessing financial services by unbanked communities and others that do business with Standard Bank’s corporate clients.
“Besides other benefits, the new feature will allow customers to process payments for up to 10,000 people at a click. It also offers refund capabilities in cases of errors,” he said.
“This means that the BOL platform has now become a fundamental tool that will help our corporate customers conveniently perform various payments such as disbursing funds to social cash transfer beneficiaries, disburse allowances, wages and pay individuals in hard-to-reach areas”, he added.
The CIB Head emphasized Standard Bank’s commitment to continue contributing to deepening Malawi’s digital payments ecosystem which will go a long way to improving national cash liquidity and distribution thereby boosting economic growth efforts in line with its purpose; “Malawi is our Home, we Drive Her Growth.”
“As a financial institution, our goal beyond providing excellent branch banking services is to continuously introduce new digital innovations that enhance our existing platforms such as this new feature on BOL in order to ensure that we satisfy the needs of our customers,” she said.
In addition to Business Online, Standard Bank offers other digital platforms such as 247 App, 247 and Enterprise Online.
The platforms aim to provide convenient banking services to customers across Malawi.
BOL is a digital platform that has been serving the bank’s corporate customers for many years, offering financial management features such as online tax payments, salary processing, and utility bill payments.