Ecobank has signed a deal with MasterCard to push electronic payments in 32 sub-Saharan African countries over the next decade.
Over 1300 Ecobank subsidiaries will issue MasterCard debit, prepaid, and credit cards to millions of customers in countries across Africa, giving them the ability to make electronic payments and withdraw cash from ATMs.
Under the deal, Ecobank will also roll out thousands of mobile point-of-sale devices to retailers in several countries, enabling them to accept card payments with their smartphones.
In addition, the MasterCard Payment Gateway Service will come to selected countries to boost online commerce for Ecobank’s small and medium enterprise, commercial and corporate customers.
Albert Essien, group CEO, 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."