EcoBank Partners with MasterCard to Improve Financial Access in Africa

MasterCard Worldwide Wednesday sealed a landmark deal with Ecobank Transnational Incorporated (ETI), which will see 60 per cent of Africa’s population have access to financial services. Specifically, the global payment solution company signed a multi-country licensing agreement with ETI which would provide access to MasterCard’s payment solution for Ecobank’s customers in 23 African countries. The agreement was the conclusion of a memorandum of understanding (MoU) that was initially signed in November 2011 for which the partnership was brokered 15 January 2014. The terms of the MoU signed in 2011 stipulates that MasterCard would partner with Ecobank to explore joint business development opportunities across Central, East, West and Southern Africa regions where Ecobank has presence. Ecobank will, on the other hand, issue and acquire MasterCard products in more than 1,200 branches across Africa, thus providing Ecobank customers access to over 35.9 million acceptance points and 2.1 million automated teller machines in more than 210 countries globally.