MTN Partners Ecobank to Expand Mobile Money Services Across Africa

MTN has announced a partnership with Ecobank which will enable both companies make use of each other’s assets and offer better mobile financial services to their respective customers across the African continent.

Ecobank Partners with MTN to Deepen Financial Inclusion Across Africa https://t.co/jYZ7by2AZz

— West African Careers (@WAfricanCareers) April 12, 2018

With the Memorandum of Understanding (MoU) that was signed by both companies in Lagos recently, this partnership would see both companies integrate their features – MTN’s large subscriber base, Mobile money services together with Ecobank’s instant banking services and Pan-African spread.

Also, with the two companies having a huge presence in the continent, this would help foster the drive for mobile financial services thereby reaching the unbanked and underbanked in the continent and beyond.

What Would this Partnership Bring to Customers?

This collaboration would mean that customers who use both brands (Ecobank and MTN) can now carry out transactions between their mobile money wallets and bank accounts.

The partnership would also make use of the rapid transfer platform to enable users make intra-Africa funds transfers.

Ecobank Group partners with MTN to deepen #financial inclusion across #Africa @GroupEcobank #Ecobank #MTN @MTNGroup #FinTech #FinServ #Bank #Banking #Mobile #MBanking #Tech #FinancialInclusion https://t.co/GpNgUcWF26 pic.twitter.com/h0AHCsBjZE

— APO Group English (@APO_source) April 11, 2018

The partnership would also provide instant bank acounts (savings) as well as lending solutions to MTN Mobile Money users. This medium gives users a free flow of transaction on the banking platform.

Speaking on the partnership, 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. 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.

Also commenting on the collaboration was Rob Shuter, CEO and President of MTN group, saying:

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.”

Recently, the executive vice chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta and Governor of Central Bank of Nigeria, (CBN) Mr Godwin Emefiele, signed a Memorandum of Understanding (MoU) to boost and improve mobile money service penetration and financial inclusion in the country.