Telecommunications company, MTN Group, and Pan-African banking conglomerate, Ecobank, have partnered to provide mobile financial services across the various African countries where they are presently and currently operating.
While signing a Memorandum of Understanding to seal the agreement in Lagos on Tuesday, the companies said they would work together to produce a unique and fantastic experience by allowing access to affordable financial services via MTN Mobile Money and Ecobank banking services.
The two organisations said the collaboration would enable bank-to-MTN Mobile Money wallet, wallet-to-bank transfers as well as cardless ATM withdrawal for MTN Mobile Money users within Africa using the rapid transfer platform.
According to MTN and Ecobank, the partnership will also provide savings accounts and lending solutions to MTN Mobile Money users.
As part of the partnership, MTN Mobile Money agents would be able to create and redeem e-money through Ecobank branches while Ecobank merchants can also accept payments from MTN Mobile Money users.
“With this partnership, MTN will leverage Ecobank’s payments infrastructure to facilitate money transfer via mobile wallets across the MTN and Ecobank footprints,” the companies said in a statement.
“The use of MTN Mobile Money as a payment solution in Ecobank’s corporate offering will enable salary payment and corporate supplier’s payments to be made through MTN Mobile Money.”
Commenting on the collaboration, MTN Group President and Chief Executive Officer, Rob Shuter, said,“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.”
He added that MTN was open to working with other financial institutions in order to bridge the financial divide on the continent.
The Chief Executive Officer, Ecobank, Ade Ayeyemi, said, “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.”