Ecobank, Mastercard sign MoU on payment solutionMastercard sign MoU on payment solution

Ecobank Transnational Incorporated and MasterCard Worldwide have signed a Memorandum of Understanding that will see the payments and technology organisation collaborating with the pan-African banking group to bring Mastercards payment solutions to more than 30 sub-Saharan African markets. A statement by the bank on Friday said the agreement would see MasterCard cooperating with Ecobank to explore joint business development opportunities in the future, as well as the issuance and acquisition of MasterCard products across Ecobanks footprint in Africa. The statement quoted the Group Chief Executive Officer, ETI, Mr. Arnold Ekpe, as saying, "This MOU will see Ecobank working closely with MasterCard to bring financial services to our 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 daily basis. "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." The Area Head, East and West Africa and Indian Ocean Islands, MasterCard Worldwide, Mr. Daniel Monehin, said, "MasterCard already has a successful issuing relationship with Ecobank in Nigeria, and we are looking forward to expanding this collaboration into other markets in which Ecobank operates. "Increasing the acceptance of MasterCard throughout Africa is a key objective for us. 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." He added that cardholders would 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 and territories where MasterCard cards were accepted globally.
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