MasterCard, Ecobank Group Seal Deal On 30 African Markets

THE Ecobank Transnational Incorporated (ETI) and the MasterCard Worldwide have concluded deal to bring Mastercard's payment solutions to over 30 sub-Saharan African markets.Sealed by the signing of a Memorandum of Understanding (MoU) between the Ecobank Group and the global payments and technology organisation ' Mastercard ', the agreement, according to the bank, would also explore joint business development opportunities in the future. The Pan-African bank is also expected to facilitate the issuance and acquisition of MasterCard products across its footprints on the continent.The bank currently has 1,100 branches, with presence in 32 African countries, as well as international offices in Paris, Dubai and London.Speaking on the deal, ETI's chief executive, Mr. Arnold Ekpe, said the agreement meant the bank would work closely with MasterCard to bring financial services to its customers across Africa through prepaid, debit and credit card products.'This is in line with our strategy of providing convenient, accessible and reliable products and services to our customers across Africa by leveraging electronic payment platforms, such as ATMs and POS, to achieve wider and efficient distribution on a 24/7 basis,' the Nigeria-born bank chief said.'It will also enable both organisations to develop extensive acquiring capabilities to serve international customers and tourists coming to Africa, implement mobile commerce strategies and expand our service offerings to retail and commercial customers in Africa.'Similarly, Mastercard Worldwide Area Head, East/West Africa and Indian Ocean Islands, Mr. Daniel Monehin, although MasterCard already has a successful issuing relationship with Ecobank in Nigeria, the bank looks to expanding the collaboration into other markets in which it operates.Michael Miebach, President, Middle East & Africa, said increasing the acceptance of MasterCard throughout Africa is the organisation's key objective.'By collaborating with prominent African financial institutions, such as Ecobank, with its extensive regional reach and established infrastructure, we are making an important strategic step in terms of promoting wider acceptance of MasterCard across the continent.'As a result of the successful issuance of MasterCard cards in these markets, cardholders will be able to access their funds at over 1.5 million ATMs worldwide and pay for products and services at over 32.9 million locations and in 210 countries
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