MTN has announced a collaboration with Africa’s leading independent banking group, Ecobank enabling both companies to leverage each other’s mobile money and banking assets.
The companies announced in Lagos that they would work together to deliver a distinct customer experience by allowing access to affordable financial services via MTN Mobile Money and Ecobank banking services.The partnership 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. On the distribution side 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.
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.”