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Ecobank Group partners MTN to deepen mobile money, financial inclusion in Africa
MTN Group on Tuesday sealed a partnership deal with Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI). The collaboration is tailored to enable both companies leverage on each other’s assets with the aim of offering more value to their respective customers across the continent.
MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s trail blazing digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network.
Business Hilights gathered that the two blue chip firms, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.
Details of the deal include amongst others, enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.
Others include leveraging on Ecobank and MTN’s assets to digitise international remittance, foster product innovation in the field of mobile saving and lending, and offer digital payment solutions to consumers, merchants and corporates.
According to the Group CEO of Ecobank, Ade Ayeyemi, “The changing landscape of digital banking and mobile telephony is creating unique opportunities in the way and manner customers are served. Africa will need to digitise financial services to rapidly scale up client acquisition and patronage. MTN and Ecobank are taking the big step today at this grand event to support this agenda”
Continuing, he averred that “Ecobank’s digital strategy has long been committed to ensuring transaction convenience for the market. We have made giant strides in our mission to ensure financial inclusion and today’s agreement with MTN will greatly accelerate the easy availability of banking services to the previously unbanked.”
In his remarks, President and CEO of MTN Group, Rob Shuter observed that “Partnerships between banks and mobile money operators are fundamental in the mobile money ecosystem, hence our long-standing partnership with Ecobank in many of our markets aimed at driving financial inclusion. We are excited to be taking this partnership to the next level as this latest development will spearhead innovative initiatives which will deepen financial access on the continent.”
Industry pundits say the deal will deepen financial as both companies have strong visibility on the continent.