Ecobank and Airtel Partner to Boost 'Mobile Banking' Service

Mergers, Acquisitions and Financial Results

Ecobank, a leading Pan-African banking group, has partnered with Bharti Airtel, to promote mobile banking across Africa. The service allows users to perform balance checks, account transactions, payments, credit applications and other banking transactions through their mobile devices.

Under the terms of the MOU, Ecobank and Airtel plan to explore the development of innovative mobile financial services focused both on serving the unbanked and under-banked and contributing to the economic development of the 14 African countries in which they jointly operate.

The deal combines the distribution capabilities of Africa's largest indigenous banking group, present in 32 countries across the continent and a world class telecoms operator committed to offering pioneering mobile services in Africa.

Through the new partnership, both entities have agreed to launch a wide range of mobile financial services offerings, including Person to Person (P2P), Business to Business (B2B) and mobile savings products under the brand names of "Ecobank Mobile" and "Airtel Money", subject to legal and regulatory requirements.

Commenting on this significant development, Ecobank's Group Chief Executive officer, Arnold Ekpe said: "This MOU reaffirms Ecobank's commitment to providing banking and financial services to the unbanked and under-banked in Africa.

And given that Ecobank and Airtel have already collaborated in some countries to successfully implement mobile financial services, it is logical that we extended this collaboration with Airtel to all the markets of our mutual presence in Africa."

Manoj Kohli Bharti Airtel's CEO ( International) and Joint Managing Director said: "Partnering with Ecobank to bring mobile financial services to all corners of Africa further demonstrates Airtel's commitment to Africa and supports the concept of borderless mobile telecoms services across the continent."