Standard Chartered Bank has partnered with MTN Uganda Ltd., a mobile money provider in Uganda, to launch the Straight2Bank Wallet in the country, according to a press release.

First introduced by Standard Chartered in Kenya, Straight2Bank Wallet is a mobile wallet service that enables companies to make cashless payments to the MTN Mobile Money wallets of both banked and unbanked individuals. The bank's partnership with MTN will expand the coverage of Standard Chartered mobile wallet service in Africa, making it the sixth country in Africa where the service is available.

With the introduction of this new payment channel, Standard Chartered corporate clients in Uganda can now use the bank's Straight2Bank electronic banking platform to make payments directly into an individual's MTN Mobile Money wallet. This enables clients to effectively reach out to their beneficiaries with timely payments, while mitigating the risks of fraud and theft associated with cash payments, according to the press release.

"The Ugandan government is working towards a cashless economy, to maximize operational efficiencies and mitigate the risks associated with cash payments," Standard Chartered CEO Herman Kasekende said in the press release. "Standard Chartered remains committed to creating partnerships which not only enhance the local financial sector’s proposition and infrastructure, but also improves our customers’ experience and operational efficiencies."