Ecobank
Transnational Inc. (“Ecobank”)
today 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.
Albert Essien, Ecobank Group CEO & Michael Miebach,
MasterCard President, MEA exchange copies of the agreement
|
It is a move that
is expected to
increase the acceptance and adoption of electronic payments in Africa.
A
culmination of the multi-country licensing
agreement signed by
MasterCard and Ecobank in January 2014, this initiative will see Ecobank issue
MasterCard debit, prepaid, and credit cards to millions of its customers over the
next 10 years.
Ecobank will also
roll out innovative MasterCard acceptance solutions designed to expand the number
of merchant locations that accept MasterCard payment cards on the continent.
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.”
Over 1300 Ecobank
subsidiaries will issue MasterCard-branded cards in
Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic
(CAR), Chad, Congo, Côte d’Ivoire, Democratic Republic of Congo (DRC), Equatorial
Guinea, Gabon, The Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia,
Malawi, Mali, Mozambique, Niger, Rwanda, Sao Tome, Senegal, Sierra Leone, South
Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. Ecobank Nigeria, the
largest of the Ecobank Group’s 36 African subsidiaries, already began
large-scale issuing of MasterCard payment products in April 2014.
As
a result of the agreement, cardholders will now be able to access their funds
at millions of automated teller machines in Africa and worldwide. They will
also be able to pay for products and services in 210 countries and territories
where MasterCard payment cards are accepted today.
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.
Ecobank
will also introduce the MasterCard
Payment Gateway Service in selected countries to enhance online commerce
for Ecobank’s small and medium enterprise, commercial and corporate customers.
The e-commerce payment technology enables merchants to accept MasterCard or
other branded payment cards, extending the security and convenience of
electronic payments to these e-tailers and their customers who previously
depended on cash. It also brings an additional layer of online shopping
security to cardholders through the implementation of 3D
Secure technology.
“The
increased number of MasterCard acceptance locations in Africa means that more consumers
and merchants can enjoy the additional protection from the risks and costs
associated with cash. This is especially important in Africa, where more than
90 percent of transactions are still conducted in cash,” says Miebach.
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