Africa’s Ecobank Group has inked a multi-country agreement with MasterCard to expand MasterCard payment solutions to over 32 sub-Saharan African countries.
The agreement aims to accelerate the acceptance and adoption of electronic payments in Africa.
As part of the deal, more than 1,300 Ecobank subsidiaries will issue MasterCard-branded cards to customers in 32 countries across Africa.
Also, cardholders can access their funds at millions of ATM’s in Africa and worldwide as well as pay for products and services in 210 countries and territories where MasterCard payment cards are accepted.
The agreement will also allow Ecobank to launch thousands of mobile point-of-sale devices to retailers in selected African countries, allowing them to process MasterCard payment card transactions with their smartphones.
In addition, the deal will see Ecobank launching the MasterCard Payment Gateway Service in selected countries to enhance online commerce for Ecobank’s small and medium enterprise, commercial and corporate customers.
Ecobank group CEO Albert Essien said: "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."
MasterCard president Middle East and Africa Michael Miebach said: "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."
This agreement follows a licensing agreement signed between Ecobank Group and MasterCard in January 2014 to issue MasterCard prepaid and credit cards to the bank’s customers over the next 10 years.