ABN – MasterCard (NYSE: MA) has partnered with Ecobank (GSE: ETI; NSE: ETIT) to introduce its payment solutions into more than 32 sub-Saharan African markets.
It is hoped that the landmark multi-country agreement will increase acceptance and use of electronic payments on the continent.
Under the agreement Ecobank will issue MasterCard’s debit, prepaid and credit cards to its customers over the next 10 years.
Ecobank CEO Albert Essien said: “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 ecommerce acquiring business and expand our service offerings to retail and commercial customers in Africa.”
MasterCard president for the Middle East and Africa Michael Miebach added: “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-Africa 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.”