MTN, Ecobank Partner to Expand Mobile Money Across Africa

19 April 2018
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MTN, Ecobank Partner to Expand Mobile Money Across Africa Image Credit: Ecobank

MTN Group has announced its collaboration with banking giant, Ecobank to offer more value to their respective customers by expanding the scope of their partnership – enabling both companies to leverage each other’s assets.

MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products to provide instant bank accounts and remittances from Africa’s largest bank by network.

The two entities, with an extensive footprint on the continent, have signed an MoU to develop their partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.

This includes but is not limited to:

 - Enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.

 - Leveraging Ecobank and MTN’s assets to digitise 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, CEO of Ecobank
Combining Ecobank’s innovative digital banking range with MTN’s enormous subscriber base means that virtually every African can now have an instant bank account, savings accounts, loans and make instant remittances on their mobile phone.

Rob Shuter, President and CEO, MTN Group
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. 

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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