Ecobank Transactional Inc., a pan-African banking group, has signed a multi-country agreement with MasterCard that will see the payment processor’s technology become available in 32 sub-Saharan markets.
The agreement has been signed with the hope it will increase acceptance and adoption of electronic payments in Africa.
The initiative will see Ecobank issue MasterCard’s prepaid, debit and credit cards to millions of the bank’s customers over the next decade. The banking group has over 1300 subsidiaries that will use MasterCard cards including Ghana, Kenya and Côte D’Ivoire.
Cardholders will now be able to access their funds at millions of ATMs as well as pay for products and services in any country that accepts MasterCard.
Ecobank Nigeria, the largest of the banking group’s 36 African subsidiaries already commenced a large scale issuing of MasterCard products in April 2014.
The partnership will also see Ecobank roll-out MasterCard’s acceptance solutions in order to expand the number of merchant locations that accept MasterCard cards in Africa.
Ecobank will also introduce MasterCard’s Payment Gateway Service in select countries to boost e-commerce for the banking group’s small and medium enterprises, as well as commercial and corporate customers.
“This collaboration with MasterCard will enable us to achieve our vision of contributing to the economic and financial integration and development of the African continent by rolling out convenient, accessible and reliable financial products and services to our customers,” said Albert Essien, Group Chief Executive Officer of Ecobank.
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