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Home Business Africa Welcomes the Credit Card after a MasterCard & Ecobank Group partnership

Africa Welcomes the Credit Card after a MasterCard & Ecobank Group partnership

by Sam Wakoba
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Ecobank’s customers in over 28 African countries will from today enjoy access to MasterCard’s electronic payments solutions such as MasterCard prepaid, debit and credit cards, in a move that will see over 60% of Africa’s population access electronic payments after completion of MasterCard’s largest multi-country licensing project  in Africa.
This deal will also see Ecobank subsidiaries in 28 countries issue and accept electronic payments, a first in Africa. This MOU was first signed in  November 2011.

According to Patrick Akinwuntan, Ecobank’s Group Executive Director responsible for Domestic Banking, “The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy.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.”

 

Africa has been lagging behind on card payments, even hindering electronic commerce.

Elated about the deal, Ecobank’s Group Chief Executive Officer, Thierry Tanoh said it demonstrates Ecobank’s vision to provide its 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 will issue the cards in 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.

“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. “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.”

Ecobank has over 1,200 branches across Africa and over 35.9 million acceptance points – including 2.1 million ATMs – in over 210 countries and territories globally where MasterCard cards are accepted. MasterCard is also working with governments to accept and expand usage of electronic payments.

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