[ad id=”187″]Towards increasing the acceptance and adoption of electronic payments in Africa, Ecobank Group has signed a landmark multi-country agreement with global payments technology company MasterCard to bring MasterCard’s payment solutions to more than 32 sub-Saharan African markets.
According to a release by both companies, the initiative will see Ecobank issue MasterCard debit, prepaid, and credit cards to millions of its customers over the next 10 years. Ecobank will roll out innovative MasterCard acceptance solutions designed to expand the number of merchant locations that accept MasterCard payment cards on the continent.
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Commenting on the partnership, Albert Essien, Group Chief Executive Officer of Ecobank, says: “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.”
Michael Miebach, President, Middle East and Africa at MasterCard, adds: “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.”
The agreement will also see Ecobank roll out thousands of mobile point of sale devices to retailers in selected African countries, further boosting Ecobank’s current pan-African network. Mobile point of sale devices allow merchants to process MasterCard payment card transactions by connecting their smartphone or tablet to a secure card reader, enabling them to overcome infrastructure and communication challenges that may arise when using traditional POS devices.[ad id=”147″]
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