MTN and Barclays launch Bank to Wallet service

The latest mobile banking service is from MTN Zambia and Barclays Zambia who have launched a Bank to Wallet (B2W) service that allows clients to store, send and receive money using their MTN mobile money accounts and Barclays accounts.

How to access the service:

• dial *229#
• download and use the Barclays app
• use online banking to access service

According to a press statement by MTN, Bank to Wallet can be used on both smartphones and basic feature phones. This means that registered Barclays customers can transfer funds from their Barclays account to their mobile wallet on MTN mobile money. The B2W feature is an enhancement to the existing Barclays Strategic Hello Money (SHM) and Barclays Internet Banking for Retail (BIR).

Speaking at the official launch of Bank to Wallet, Bank of Zambia Deputy Governor Administration Dr. Tukiya Mabula said,

“Financial inclusion is a vital component of our 2016 – 2019 Strategic Plan which speaks into our vision to be a Dynamic and Credible Central Bank that contributes to the Economic Development of Zambia.

There is need to bring the unbanked and under-served populations into the formal financial system by exploiting technological advancements and creating opportunities for expanded financial access and economic growth. Clearly, the Bank to Wallet platform that Barclays Bank Zambia and MTN Zambia are launching today is aligned to what The Bank of Zambia would like to achieve.”

In her remarks, Barclays Bank Zambia Plc Managing Director Ms Mizinga Melu said,

“Banking has evolved over the years and at Barclays we evolve with the changing times to stay abreast of changing and latest trends making necessary strides to stay ahead. Bank to Wallet which we are officially launching today, falls under the Barclays Shared Growth Financial Inclusion agenda of providing innovate products and services that facilitates financial inclusion to all.

The Bank to Wallet feature is a great and convenient enhancement to the existing Barclays Strategic Hello Money (SHM) and Barclays Internet Banking for Retail (BIR).”

MTN Zambia Chief Executive Officer Charles Molapisi also commented on the partnership,

“This partnership is significant and key in the development of products that are innovative, diverse and inclusive. We are launching 2 products; the first one is Free Internet where Barclays Bank account holders who are MTN subscribers will be able to transact online for free. The second product is Bank to Wallet or should I say Bank to MTN MoMo Wallet, where Barclays bank account holders will be able to move their money from their bank accounts to their MTN Mobile Money or MoMo accounts. MTN is not a competitor to banks but an enabler because it helps the banks get to places where they do not have a presence. Please note that all money in the Momo ecosystem ends up at a bank. MTN is the first mobile provider to provide this service.”

Barclays shared this news on their Facebook page: