Ecobank Group, MTN to improve African financial inclusion
MTN is collaborating with African independent banking group Ecobank, enabling both companies to leverage each other’s assets to 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 trail blazing 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 an MOU 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. It allows Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts and leverages Ecobank and MTN’s assets to digitize 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,” Ecobank group CEO Ade Ayeyemi said. “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.
“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.”
“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,” MTN Group president and CEO Rob Shuter said.
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