Ecobank and Mastercard Partner to Accelerate Electronic Payments in Sub-Saharan Africa and Tanzania

Ecobank Group and MasterCard announced a multi-country licensing agreement which will provide access to MasterCard’s payment solutions for Ecobank’s customers in a further 23 African countries, including Tanzania.

Ecobank subsidiaries in 28 countries across Sub-Saharan Africa, including Tanzania, are now licensed to issue and accept MasterCard prepaid, debit and credit cards.

“The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy,”said Patrick Akinwuntan, Ecobank’s Group Executive Director responsible for Domestic Banking.

“We also recognize that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to a ‘cashless society’ throughout Africa” he added.

Ecobank is now licensed by MasterCard in the following 28 countries:Burkina Faso, Benin, Burundi, Cameroon, Central African Republic, Chad, Republic of the Congo, Democratic Republic of Congo, Cote d’Ivoire, Gabon, Gambia, Ghana, Guinea (Conakry), Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

“We are proud to partner with Ecobank, which is quickly growing its presence in Africa. This is the largest multi-country licensing project completed by MasterCard in Africa, as we aim to achieve our vision of a world beyond cash by bringing the benefits of electronic payments to an increased customer base in Sub-Saharan Africa,” said Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard.

Today, over 85% of retail payments globally are still carried out using cash or check, with the percentage being much higher in Africa.

However, the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa, providing opportunities for the advancement of a cashless society across the continent.