MasterCard and Ecobank Group partner to offer electronic payments in 28 African countries
Ecobank and MasterCard have signed a multi-country agreement on Wednesday (January 15th) which will see the bank's customers access MasterCard's payment solutions in a further 23 countries.Ecobank and MasterCard have signed a multi-country agreement on Wednesday (January 15th) which will see the
customers access MasterCard's payment solutions in a further 23 countries.
In total, 28 subsidiaries of the bank across Sub-Saharan Africa can now issue and accept MasterCard prepaid, debit and credit cards, which means than 60 percent of Africa’s population will gain access to new services through 35.9 million acceptance points including 2.1 million ATMs worldwide.
Ecobank's Group Executive Director responsible for Domestic Banking Patrick Akinwuntan said that the bank
"that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to a 'cashless society' throughout Africa."
The bank's CEO Thierry Tanoh added that the agreement is part of Ecobank's commitment to
a world class pan-African bank and contribute to the economic development and financial integration of Africa.
MasterCard said in a press release that it has been working in partnership with governments and financial institutions around the world to broaden usage and acceptance of electronic payments, given that over
85 per cent
of retail payments globally are still carried out using cash or
The company believes that the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa, providing opportunities for the advancement of a cashless society across the continent.