Ecobank seals major e-payment deal

Customers queue for a newly introduced bank service. A cashless banking system will increase efficiency. PHOTO | FILE 

 

By The Citizen Reporter

In Summary

“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.”

Dar es Salaam. Ecobank customers will now pay electronically through MasterCard in a further 23 African countries including Tanzania, thanks to a licensing agreement signed by the two parties early this week.

The agreement is the culmination of a Memorandum of Understanding (MOU) originally signed in November 2011. Ecobank subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards.

The two partners said in a joint statement that through the partnership, Ecobank’scustomers 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.

“The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy,” said Patrick Akinwuntan, Ecobank’s group executive director responsible for Domestic Banking. “We also recognize that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to a ‘cashless society’ throughout Africa.”

Commenting on this partnership, Ecobank’s group chief executive officer, 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.”

Ecobank is now licensed by MasterCard in 28 countries including Burkina Faso, Benin, Burundi, Cameroon, Central African Republic, Chad, Republic of the Congo, Democratic Republic of Congo, 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.

“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-Saharan Africa, MasterCard.