Zain seals deal with Standard Chartered

ZAIN and Standard Chartered Bank have signed a memorandum to offer banking services to phone-users under the ZAP service, writes Ibrahim Kasita.

Yesse Oenga, the Zain managing director, told reporters the move would increase access to banking services which are concentrated in urban areas.

“We have finalised regulatory issues with the central bank, which has allowed Zain to use mobile commerce services,” Oenga announced.

“That means the ZAP service with Zain will not be limited to money transfer but will include mobile airtime, mobile money transfer, mobile banking, mobile merchant payment and cross-border money transfer.”

Lamin Manjang, the Standard Chartered managing director, said: “Mobile penetration to rural areas is more than banking. However, banking is more regulated than the telecommunication sector.”