By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- Leading global payments solutions company MasterCard Worldwide and pan-African lender Ecobank Transnational Incorporated (ETI) on Tuesday said customers of the bank could now use their MasterCard prepaid, debit and credit cards at ETI’s ATMs and Point of Sale terminals (POS) in 28 African countries.
This is contained in a statement by MasterCard and made available to InvestAdvocate following an agreement signed by the signed by the two (2) parties.
According to MasterCard, the agreement is the culmination of a Memorandum of Understanding (MOU) originally signed in November 2011.
‘’The partnership marks MasterCards largest multi-country licensing deal in Africa, and importantly, enables electronic payments access to more than 60 percent of Africa’s population,’’ the statement said.
MasterCard affirmed that Ecobank subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept electronic payments through MasterCard prepaid, debit and credit cards.
The 28 countries include: Burkina Faso, Benin, Burundi, Cameroon, Central African Republic, Chad, Republic of the Congo and Democratic Republic of Congo.
Others are Cote d’Ivoire, Gabon, Gambia, Ghana, Guinea (Conakry), Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
‘’With this partnership, Ecobank’s customers in this fast-growing region will have access to MasterCard’s credit, debit and prepaid card products, whilst MasterCard will leverage Ecobank’s unrivalled pan-African footprint to provide its electronic payments solutions to a wider customer base,’’ MasterCard said.
Patrick Akinwuntan, ETI’s executive director (ED) affirmed 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 a ‘cashless society’ throughout Africa,” Akinwuntan 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,” said Daniel Monehin, division president, sub-Sahara Africa, MasterCard.
He further affirmed their expectation 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.
According to the global payment solutions company, under the terms of the 2011 MOU, it will partner with Ecobank to explore joint business development opportunities across Central, East, West and Southern Africa where Ecobank has a presence.
With the latest agreement, the pan-African lender will become an issuer and acquirer of MasterCard products in more than 1,200 branches across Africa, giving Ecobank’s customers access to over 35.9 million acceptance points – including 2.1 million ATMs – in over 210 countries and territories worldwide where MasterCard cards are accepted.
The deal is coming on the heels MasterCard partnership with governments and financial institutions around the world to broaden usage and acceptance of electronic payments, thus promoting their benefits relative to cash transactions of convenience, security and reliability.
‘’Today, over 85 percent of retail payments globally are still carried out using cash or check, with the percentage being much higher in Africa. However, the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa, providing opportunities for the advancement of a cashless society across the continent,’’ the global payment solution company said.
