Ecobank and MasterCard have entered into a multi-country licensing agreement which will provide access to MasterCard’s electronic payments solutions for Ecobank’s customers in a further 23 African countries.
The agreement is the culmination of a Memorandum of Understanding originally signed in November 2011, and importantly, enables electronic payments access to more than 60% of Africa’s population
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. 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.
“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.”
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