Ecobank Transnational Incorporated and MasterCard have announced a multi-country licensing agreement which will provide access to MasterCard’s payment solutions for the bank’s customers in 23 African countries.
The agreement is the culmination of a Memorandum of Understanding originally signed in November 2011, according to a statement by the bank.
The partnership, which marked MasterCard’s largest multi-country licensing deal in Africa, would give more than 60 per cent of Africa’s population access to electronic services, it stated.
According to the statement, Ecobank’s subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards.
Through the partnership, Ecobank’s customers in this fast-growing region would have access to MasterCard’s credit, debit and prepaid card products, whilst MasterCard would leverage Ecobank’s pan-African footprint to provide its electronic payments solutions to a wider customer base, it added.
The statement quoted Ecobank’s Group Executive Director, Domestic Banking, Mr. Patrick Akinwuntan, as saying, “The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy.”
“We also recognise that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to‘cash-less society’ throughout Africa.”
It also quoted the Ecobank’s Group Chief Executive Officer, Mr. Thierry Tanoh, as saying, “This agreement demonstrates Ecobank’s vision which is to provide our customers with convenient, accessible and reliable financial products and services as part of our commitment to build a world class pan-African bank and contribute to the economic development and financial integration of Africa.”
The Division President, Sub-Saharan Africa, MasterCard, Mr. Daniel Monehin, said, “We are proud to partner with Ecobank, which is quickly growing its presence in Africa. This is the largest multi-country licensing project completed by MasterCard in Africa and as such is a great milestone for us, as we aim to achieve our vision of a world beyond cash by bringing the benefits of electronic payments to an increased customer base in Sub-Saharan Africa.”
“We expect that the 28 newly licensed Ecobank subsidiaries will begin to accept MasterCard credit, debit and prepaid cards at their ATMs and Points of Sale from early 2014, as we work with the Ecobank Group to complete licensing of the remaining Ecobank subsidiaries.”
The statement also said, under the terms of the 2011 MOU, MasterCard would partner Ecobank to explore joint business development opportunities across Central, East, West and Southern Africa where the bank has a presence.
Source: Punch (by Oyetunji Abioye)
