MasterCard Worldwide and Ecobank Group Sign Memorandum of Understanding

29 November 2011
Content from a Premium Partner
Ecobank (Lome)
press release

Agreement covers joint roll-out of Mastercard products across 30 African Markets

MasterCard Worldwide (“Mastercard”) and the Ecobank Group (“Ecobank”) have signed a Memorandum of Understanding (“MOU”) that will see the global payments and technology organisation collaborating with the leading pan-African banking group to bring Mastercard’s payment solutions to more than 30 Sub-Saharan African markets.

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.

Ecobank is the leading full-service pan-African banking institution by geography, with more than 1,100 branches and a presence in 32 African countries, as well as international offices in Paris, Dubai and London.

“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.” says Arnold Ekpe, Group Chief Executive Officer of Ecobank.

“It 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,” he continues.

“MasterCard already has a successful issuing relationship with Ecobank in Nigeria, and we are looking forward to expanding this collaboration into other markets in which Ecobank operates,” says Daniel Monehin, Area Head, East and West Africa and Indian Ocean Islands, MasterCard Worldwide.

Michael Miebach, President, Middle East & Africa, MasterCard Worldwide, explains, “Increasing the acceptance of MasterCard throughout Africa is a key objective for us. By collaborating with prominent African financial institutions, such as Ecobank, with its extensive regional reach and established infrastructure, we are making an important strategic step in terms of promoting wider acceptance of MasterCard across the Continent.”

“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,” Miebach concludes.

About MasterCard

MasterCard (NYSE: MA) is a global payments and technology company.   It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Learn more at mastercard.com or follow us on Twitter @mastercardnews or join the conversation on The Heart of Commerce Blog.

About Ecobank Group

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the Ecobank Group, which is present in more countries in Africa than any other bank in the world. Ecobank currently operates in Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The group also has an affiliate in Paris and representative offices in Dubai, Johannesburg, London and Luanda. ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group has over 24, 200 employees from 35 different countries in over 1100 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transactional banking services to governments, financial institutions, multinationals, local companies, SMEs and individuals.

For more information, please visit: http://www.ecobank.com.

Contacts

Nicky James, Tribeca Public Relations, nickyj@tribecapr.co.za, +27 (0)11 208 5527

Birgit Deibele, Tribeca Public Relations, birgitd@tribecapr.co.za, +27 (0)11 208 5529

Nabi Souleymane Ouedraogo, Ecobank Group Communications, nouedraogo@ecobank.com, +228 221 03 03

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