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Ecobank expands card facility into Africa

24 September 2014, 10:28Henry Ifeanyi

Lagos - Ecobank Transnational has extended the usage of its MasterCard prepaid, debit and credit cards facility to customers in 28 African countries.

The offer gives MasterCard card-holders access to more than 2 500 ATMs and allows them to pay for goods and services in over 20 000 shops, hotels, restaurants and other outlets across Africa.

“Expanding MasterCard’s acceptance in 28 countries across Ecobank’s network is a significant milestone for us as we work together to accelerate the adoption of electronic payments and create a cashless society in Africa,” said Daniel Monehin, division president, Sub-Saharan Africa, MasterCard.

Monehin added that, “Through this partnership, we have combined MasterCard’s global payment technology with Ecobank’s unrivalled pan-African footprint to give our cardholders more convenient, secure and reliable ways to pay.”

Ecobank subsidiaries now accept MasterCard-branded cards in Benin, Burkina Faso, Burundi, Cameroon, Central African Republic (CAR), Chad, Congo, Côte d’Ivoire, Democratic Republic of Congo (DRC), Gabon, The Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

“This partnership forms part of our broader retail banking strategy of providing Ecobank customers with enhanced service levels, which exceed their expectations,” explained Patrick Akinwuntan, Ecobank’s group executive, Head of Domestic Bank. “Our unique platform gives our customers easy access to their Ecobank accounts when travelling, be it on business or for pleasure, without the need for carrying cash.”

Also Read: New service for high-end Ecobank clients

The combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa.

Governments  are rapidly driving the conversion from cash to electronic payments as they too realise the benefits of a cashless society, namely increased transparency, cost effectiveness, financial inclusion, foreign investment and economic growth.

“The increased number of MasterCard acceptance locations in Africa means that more cardholders and merchants will be introduced to the security and convenience of electronic payments, while enjoying protection from the risks and costs associated with cash. This is especially important in many African countries where cash has been the prevalent or only payment option,” Monehin said.

MasterCard and Ecobank are also exploring joint business development opportunities across West, Central, East and Southern Africa and will soon add a further four African markets to those already accepting MasterCard-branded cards, namely Equatorial Guinea, Mozambique, São Tomé and Principe and South Sudan.

- CAJ News


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