Ecobank Transnational Inc. (Ecobank) has signed a multi-country agreement with global payments technology company MasterCard, which is set to bring MasterCard’s payment solutions to more than 32 sub-Saharan African markets.
According to a news release by Master Card, the agreement, which is expected to increase the acceptance and adoption of electronic payments in Africa, will see Ecobank issue MasterCard debit, prepaid, and credit cards to millions of its customers over the next 10 years. Ecobank will also roll out innovative MasterCard acceptance solutions designed to expand the number of merchant locations that accept MasterCard payment cards on the continent.
Albert Essien, Group Chief Executive Officer of Ecobank, revealed: “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. Specifically, the initiative enables us to extend our MasterCard acquiring capabilities at thousands of merchants across Africa, grow our e-commerce acquiring business, and expand our service offerings to retail and commercial customers in Africa.”
According to Michael Miebach, President, Middle East and Africa at MasterCard, “Bringing the benefits of electronic payments to markets across Africa and creating a world beyond cash is a primary focus for MasterCard. By collaborating with a leading pan-African financial institution such as the Ecobank Group with its extensive regional reach and established infrastructure, another successful step has been taken in ensuring access to safe, secure and convenient payments via MasterCard payment solutions.”
With the new initiative, over 1300 Ecobank subsidiaries will issue MasterCard-branded cards in Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic (CAR), Chad, Congo, Côte d’Ivoire, Democratic Republic of Congo (DRC), Equatorial Guinea, Gabon, The Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Rwanda, Sao Tome, Senegal, Sierra Leone, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The agreement will enable cardholders to access their funds at millions of automated teller machines, and also pay for products and services in 210 countries and territories where MasterCard payment cards are accepted. It will also see Ecobank roll out thousands of mobile point of sale devices and the MasterCard Payment Gateway Service to retailers in selected African countries.