MasterCard, Ecobank partner to accelerate electronic payments in Africa

MasterCard, Ecobank partner to accelerate electronic payments in Africa

Patrick Akinwuntan, Ecobank and Daniel Monehin, MasterCard celebrate licensing of 28 Ecobank subsidiaries by MasterCard

Ecobank and MasterCard have announced a multi-country licensing agreement which will provide access to MasterCard’s payment solutions for Ecobank’s customers in a further 23 African countries.

Ecobank subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards, whilst MasterCard will leverage Ecobank’s pan-African footprint to provide its electronic payments solutions to a wider customer base.

“The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy,” said Patrick Akinwuntan, Ecobank executive director responsible for domestic banking.

“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.”

Ecobank chief executive officer (CEO) Thierry Tanoh said: “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.”

 Daniel Monehin, division president, Sub-Saharan Africa at MasterCard, 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,”

The agreement is the culmination of a Memorandum of Understanding (“MOU”) originally signed in November 2011.

The collaboration comes at a time when MasterCard is working in 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.

Posted in: Policy

Latest headlines

Latest by Category

Tweets about "humanipo"