MasterCard inks Ecobank pact to roll-out payment solutions in over 30 African markets

MasterCard Worldwide (Mastercard) will soon roll out payment solutions of its products to more than 30 sub-Saharan African markets after signing a Memorandum of Understanding (MOU) with the pan-African banking group, Ecobank.

The Bank, November 23, 2011 said “the agreement will 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 Ecobank’s unrivalled footprint in Africa.”

Mr. Arnold Ekpe, Group Chief Executive Officer of Ecobank in a statement said “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 POSs, to achieve wider and efficient distribution on a 24/7 basis.”

According to Ekpe, the agreement 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.

Michael Miebach, President, Middle East & Africa, MasterCard Worldwide, quoted in a joint statement said “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 and territories where MasterCard cards are accepted globally.”

By Ekow Quandzie

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