Ecobank and Airtel launch mobile banking services in Africa

Sep 14, 2011

Ecobank Transnational Incorporated and mobile operator Bharti Airtel have just signed a Memorandum of Understanding (MoU) regarding the launch of new mobile banking services in Africa.

Ecobank Transnational Incorporated and mobile operator Bharti Airtel have just signed a Memorandum of Understanding (MoU) regarding the launch of new mobile banking services in Africa.

According to the MoU, these products will be focused on serving the unbanked and underbanked population and will be available within the 14 countries in which Ecobank and Airtel jointly operate.

These are Burkina Faso, Congo, RDC, Gabon, Ghana, Kenya, Niger, Nigeria, Rwanda, Sierra Leone, Tanzania, Togo, Uganda and Zambia.

The range will include person to person (P2P), business to business (B2B) and mobile savings products and should operate under the brand names of Ecobank Mobile and Airtel Money.

"Given that Ecobank and Airtel have already collaborated in some countries to successfully implement mobile financial services, it is logical that we extended this collaboration with Airtel to all the markets of our mutual presence in Africa", said Ecobank's Group Chief Executive officer Arnold Ekpe.

Airtel Ghana (Formally Zain) and Ecobank Ghana launched Ecobank Mobile Banking in Ghana in October 2010, allowing customers to use their mobile phones to send and receive money, pay bills, goods and services.ADNFCR-2976-ID-800729051-ADNFCR