Ecobank and MTN Partner to Improve Access to Mobile Financial Services

MTN Mobile Money users, who are also Ecobank customers in 12 African countries, will soon be able to withdraw cash from Ecobank ATMs.

They will also be able to transfer money between their Mobile Money and Ecobank accounts.

The service was piloted in Ghana last month, and will soon be launched in Benin, Cameroon, Ivory Coast, Ghana, Guinea Bissau, the Republic of Guinea, Liberia, Congo Brazzaville, Rwanda, South Sudan, Uganda and Zambia.

MTN and Ecobank have partnered to improve access to mobile financial services in the African continent.

Ecobank Tanzania held the group’s first global workshop about Mobile Money Transfer (MMT) in Dar es Salaam on January 30th-31st 2013.

Speaking at the workshop Mr Osei-Safo stated “financial inclusion will provide easy access to banking solutions for Tanzanians who hitherto could not access banking. This is a concept that we are currently rolling out within the Ecobank Group and especially for Tanzania.”

“We are extending our co-operation in Africa to expand the range of services provided, as well as to further explore the development of mobile financial services in these countries. MTN is particularly excited by this agreement as it fits in perfectly with our on-going efforts to improve access to financial services for our customers and broader communities in the countries where we operate,” says Pieter Verkade, MTN Group Chief Commercial Officer.

MTN and Ecobank are also looking to partner in developing a unique mobile savings offering within their countries of mutual presence.

Patrick Akinwuntan, Ecobank’s Group Executive Director for Domestic Banking, added: “This roll-out further demonstrates our commitment to make branchless banking a reality by activating multiple service channels in every country in which we operate. Our unique pan-African footprint will also enable us to be at the forefront of developing the market for cross-border mobile money services in Africa.”

As of 31 December 2013, MTN Mobile Money had 14,8 million registered users, and was available in 14 countries.

Ecobank currently has a presence in 35 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai, United Arab Emirates, London, UK and Beijing, China.