Ecobank takes a step closer to reaching its 100 million
customer ambition by partnering with Mastercard to roll-out
Masterpass QR across 33 countries
Partnership will shift Africa to instant and secure digital
payment solution
The Ecobank Group has signed a Memorandum of Understanding (MoU)
with Mastercard to roll-out Masterpass QR, a mobile payment
solution, across 33 African countries. This new agreement will give
Ecobank the scale and capacity to achieve its 100 million customer
ambition in a profitable and sustainable way by 2020.
The MoU signals the largest Masterpass deal of its kind for
Mastercard globally, with the QR solution specifically being
selected due to Masterpass QR’s ease of use and convenience for
merchants and consumers in the selected markets.
Ecobank customers in Nigeria already enjoy the benefits of
Masterpass QR. Soon all remaining 32 countries in across
Pan-African will receive the benefits of the partnership by the end
of 2016.
Masterpass QR is the first mobile-driven, Person-to-Merchant
(P2M) payment solution. The solution is an enhancement to the
Masterpass global digital payment service that will enable millions
of micro, small and medium enterprises across Africa to begin
accepting fast and secure digital payments. This service addresses
the challenges of expensive infrastructural issues associated with
point of sale devices and eliminates the need for cash.
Group CEO Ecobank, Ade Ayeyemi said, “With partnerships such as
the one we have with Mastercard, we are well-positioned to meet the
growing demands of consumers and merchants across Africa. We will
use Masterpass QR to leverage the power of digital to bring
millions of people into the formal financial sector. Our mission at
Ecobank is to build a world-class Pan-African bank that contributes
to the integration and socio-economic development of the
continent.”
Users of Ecobank’s mobile banking platform across the 33
countries will be able to safely pay for online and in-store
purchases by scanning a Quick Response (QR) code displayed at
checkout on their smartphones, or by entering a merchant identifier
into their feature phones.
Daniel Monehin, Division President, Sub-Saharan Africa,
Mastercard said, “Masterpass QR has been fulfilling the needs of
micro merchants in Nigeria since it was launched in August this
year. Our extended partnership with Ecobank signals one of the
largest implementations of a digital payment solution in Africa,
resulting in millions of previously excluded people joining the
financial ecosystem.”
Patrick Akinwuntan, Ecobank Group Executive Consumer Banking
said, “With Ecobank Masterpass QR, our customers across 33
countries will now be able to make fast, simple and safe digital
payments via Ecobank mobile banking loaded on their mobile device
where Masterpass QR is accepted globally. It will also help provide
instant receipts for the numerous small, medium and large merchants
across Africa.”
Micro, small and medium enterprises across Africa contribute
significantly to economic growth, creating around 80
percent of the region’s employment and fueling demand for
goods and services. The introduction of digital payment solutions
such as Masterpass QR, will help these businesses become more
efficient.
With Nigerians soon to enjoy the benefits of the solution first
in Africa, the additional 32 markets that will receive Masterpass
QR as part of the groups drive to connect with 100 million new
customers by 2020 across: Benin, Burkina Faso, Burundi, Cameroon,
Cape Verde, Central African Republic, Chad,
Congo (Brazzaville), Congo (Democratic
Republic), Côte d’Ivoire, Equatorial Guinea, Gabon, Ghana,
Guinea Conakry, Guinea Bissau, Kenya, Liberia, Malawi, Mali,
Mozambique, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra
Leone, South Sudan, Tanzania, The Gambia, Togo, Uganda, Zambia and
Zimbabwe.
About Ecobank
Incorporated in Lomeì, Togo in 1988, Ecobank Transnational
Incorporated (‘ETI’) the parent company of Ecobank is the
leading independent pan-African banking group. It currently has a
presence in 36 African countries employing over 20,000 people in 40
different countries in over 1,200 branches and offices. Ecobank is
a full-service bank providing wholesale, retail, investment and
transaction banking services and products to governments, financial
institutions, multinationals, international organisations, medium,
small and micro businesses and individuals.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a
technology company in the global payments industry. We operate the
world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
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version on businesswire.com: http://www.businesswire.com/news/home/20161020006039/en/
Ecobank CommunicationsRichard Uku, +228 22 21 03
03ruku@ecobank.comorMastercard
CommunicationsGeraldine Trennery, +27 76 301
0264geraldine.trennery@mastercard.com
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