MasterCard and Ecobank Group have signed an agreement that will make the pan-African bank to issue millions of payment cards to customers in Nigeria and 31 other countries in sub-Saharan Africa.
According to a statement by the United States-based payment technology company, the development is expected to increase the acceptance and adoption of electronic payments in Africa.
Specifically, it said the initiative would enable Ecobank to issue MasterCard’s debit, prepaid, and credit cards to millions of its customers over the next 10 years.
The company said, “Ecobank will also roll out innovative MasterCard acceptance solutions designed to expand the number of merchant locations that accept MasterCard payment cards on the continent.”
The statement quoted the Group Chief Executive Officer, Ecobank Group, Mr. Albert Essien, as saying, “This collaboration with MasterCard will enable us to achieve our vision of contributing to the economic and financial integration and development of the African continent by rolling out convenient, accessible and reliable financial products and services to our customers.
“Specifically, the initiative enables us to extend our MasterCard acquiring capabilities at thousands of merchants across Africa, grow our e-commerce acquiring business, and expand our service offerings to retail and commercial customers in Africa.”
The President, Middle East and Africa, MasterCard, Michael Miebach, was also quoted as saying, “Bringing the benefits of electronic payments to markets across Africa and creating a world beyond cash is a primary focus for MasterCard.
“By collaborating with a leading pan-African financial institution such as the Ecobank Group with its extensive regional reach and established infrastructure, another successful step has been taken in ensuring access to safe, secure and convenient payments via MasterCard payment solutions.”
According to the payment company, over 1300 Ecobank subsidiaries will issue MasterCard-branded cards.
It said that Ecobank Nigeria, the largest of the Ecobank Group’s 36 African subsidiaries, had begun a large-scale issuing of MasterCard payment products in April 2014.
As a result of the agreement, cardholders will now be able to access their funds at millions of automated teller machines in Africa and worldwide.
According to the statement, the agreement will also see Ecobank roll out thousands of mobile point of sale devices to retailers in selected African countries, further boosting its pan-African network.
Mobile point of sale devices allow merchants to process the technology company’s payment card transactions by connecting their smartphone or tablet to a secure card reader, enabling them to overcome infrastructure and communication challenges that may arise when using the traditional PoS devices.
“The increased number of MasterCard acceptance locations in Africa means that more consumers and merchants can enjoy the additional protection from the risks and costs associated with cash. This is especially important in Africa, where more than 90 percent of transactions are still conducted in cash,” said Miebach
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