MasterCard and Ecobank Transnational recently partnered to provide Ecobank customers in 23 African countries access to MasterCard’s e-payments solutions, building on a partnership originally established in 2011.
Ecobank subsidiaries in 28 Sub-Saharan African countries are now able to issue and accept electronic payments on MasterCard prepaid, debit and credit cards. The agreement will enable electronic payments access to more than 60 percent of the continent’s population.
“The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy,” Ecobank Executive Director for Domestic Banking Patrick Akinwuntan said. “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.”
Countries now licensed by MasterCard include Burkina Faso; Benin; Burundi; Cameroon; Central African Republic; Chad; Republic of the Congo; Democratic Republic of Congo; Cote d’Ivoire; Gabon; Gambia; Ghana; Guinea; 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,” MasterCard Sub-Saharan Africa Division President Daniel Monehin said. “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.”