– The Ecobank Group has signed a Memorandum of Understanding (MoU) with Visa to roll out mVisa, a mobile payment solution in 33 African markets by end of 2016. This MoU will help Ecobank reach 100 million customers.
mVisa is an innovative mobile payments solution that allows consumers to pay for goods and services by scanning a Quick Response (QR) code on a smartphone or entering a merchant identification number into their feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.
The mVisa service will be first rolled out in Nigeria, Ghana, Côte d’Ivoire, Kenya and Tanzania. It will subsequently be extended to other African markets.
Ecobank is one of the first banks in Nigeria to partner with Visa to provide the mVisa service to Nigerian consumers and merchants.
The partnership will enable Ecobank customers to directly access funds in their bank accounts to pay merchants (person-to-merchant or P2M) or individuals (person-to-person or P2P) in any of the 33 markets. Ecobank’s branchless banking agents will also be able to carry out transactions across the region.
Ade Ayeyemi, Ecobank Group Chief Executive Officer, said, “This partnership will enable Ecobank to bring to every household fast and instant banking solution. Customers desire immediate transactional fulfilment and this is what this mobile payment method will provide. Ecobank will continue to use its unrivalled Pan-African network and the power of digital to include the unbanked into a more formal financial ecosystem.”
Ade Ashaye, Group Country Manager for Visa West Africa, said, “We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network - security, reliability and global acceptance, allowing consumers to make payments both domestically and internationally.” mVisa is available with software developer kits (SDKs) and access to Visa APIs, allowing banks and programmers to build additional solutions to help address local payment needs.
About Ecobank Group
Incorporated in Lomé, Togo, in 1988 Ecobank Transnational Incorporated (‘ETI’) the Parent company of Ecobank is the leading independent pan-African banking group. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan,Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 17,500 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information on Ecobank can be found at ecobank.com.
Media Contact
Richard Uku
Head of Group Communications Ecobank Transnational Incorporated
Email: ruku@ecobank.com
Tel: +228 22210303
About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
Visa contact:
Emily Kaiga
Corporate Communications
Visa sub-Saharan Africa
T: +204285016
Mob : +254708516544
E-mail: ekaigaad@visa.com!2
