MasterCard-Branded Cards Are Now at Ecobank Subsidiaries in 28 African Countries

Money Transfer

Ecobank Transnational Inc. and MasterCard customers will now be able to use their MasterCard prepaid, debit and credit cards at Ecobank’s ATMs and Point of Sale terminals in 28 African countries, significantly boosting card acceptance on the continent.

“Expanding MasterCard’s acceptance in 28 countries across Ecobank’s network is a significant milestone for us as we work together to accelerate the adoption of electronic payments and create a cashless society in Africa,” said Daniel Monehin, division president, Sub-Saharan Africa, MasterCard. “Through this partnership, we have combined MasterCard’s global payment technology with Ecobank’s unrivalled pan-African footprint to give our cardholders more convenient, secure and reliable ways to pay.”

Ecobank subsidiaries now accept MasterCard-branded cards in Benin, Burkina Faso, Burundi, Cameroon, Central African Republic (CAR), Chad, Congo, Côte d’Ivoire, Democratic Republic of Congo (DRC), Gabon, The Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

“This partnership forms part of our broader retail banking strategy of providing Ecobank customers with enhanced service levels, which exceed their expectations,” explained Patrick Akinwuntan, Ecobank’s group executive, Head of Domestic Bank. “Our unique platform gives our customers easy access to their Ecobank accounts when travelling, be it on business or for pleasure, without the need for carrying cash.”

The combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa.

Governments are rapidly driving the conversion from cash to electronic payments as they too realise the benefits of a cashless society, namely increased transparency, cost effectiveness, financial inclusion, foreign investment and economic growth.

“The increased number of MasterCard acceptance locations in Africa means that more cardholders and merchants will be introduced to the security and convenience of electronic payments, while enjoying protection from the risks and costs associated with cash. This is especially important in many African countries where cash has been the prevalent or only payment option,” Monehin said.

MasterCard and Ecobank are also looking to expand across West, Central, East and Southern Africa and will soon add a further four African markets to those already accepting MasterCard-branded cards, namely Equatorial Guinea, Mozambique, São Tomé and Principe and South Sudan.

Source: Techmoran 25 September 2014