Accra, Ghana – 16 June,
2015 – Leading pan-African banking group
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. 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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