Mastercard and EcoBank group agree to accelerate electronic payments adoption
The agreement should roll out Mastercard payment solutions to millions of EcoBank customers in 32 sub-Saharan African countries.This collaboration will enable the bank to achieve its vision of contributing to the economic and financial integration and development of Africa, said Albert Essien Ecobank Group Chief Executive Officer. Indeed, the agreement will see Mastercard issue debit, pre-paid and credit cards to millions of customers on the continent over the next ten years. Cardholders will be able to access many services such as accessing cash from ATMs, paying for products and services worldwide and on the Continent where Mastercard is accepted.
According to Mastercard’s Middle East and Africa President Michael Miebach, by collaborating with Ecobank – the largest bank by geographical reach across the continent – safe, secure and convenient payments are made possible. The agreement is a bid to increase the acceptance and adoption of E-payments.
The countries where the Mastercard branded cards will be issued include: Kenya, Uganda, Tanzania, Rwanda, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic (CAR) and Equatorial Guinea, among others.
Other services are to be launched such as the roll-out of mobile point of sale devices to retailers, and Mastercard Payment Gateway services to enhance online commerce for small and medium-sized enterprises, commercials and corporate customers.
Thanks to this deal, more consumers and merchants will be able to enjoy protection from the risks and costs associated with cash. Still, more than 90 percent of transactions are still conducted in cash in Africa.