Connect with us

Top Stories

Ecobank Group partners with MTN to deepen financial inclusion across Africa

Ecobank Group partners with MTN to deepen financial inclusion across Africa

Instant bank accounts and remittances through Africa’s largest bank by network

MTN (www.MTN.com) has announced a collaboration with Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI) (www.Ecobank.com), enabling both companies to leverage each other’s assets that will ultimately offer 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 trailblazing digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network.

The two entities, 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.

This includes;

  • Enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.
  • Leveraging of 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.

Ade Ayeyemi, Group CEO of Ecobank said: “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”

Further he reiterated 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.”

Commenting on the collaboration, MTN Group President and CEO, Rob Shuter said: “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.”

Distributed by APO Group on behalf of Ecobank.

View multimedia content

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now