Ecobank Partners with MTN to Deepen Financial Inclusion Across Africa

MTN and Ecobank Transnational Incorporated (ETI) will collaborate to add more value to their respective customers.

(L-R) Charles Kie, Managing Director, Ecobank Nigeria Ltd; Serigne Dioum, MTN’s Executive, Mobile Financial Services; Ade Ayeyemi, Group CEO, ETI, Rob Shuter, Group CEO of MTN and Patrick Akinwuntan, Group Executive, ETI. (Source: Ecobank)

MTN and Ecobank Transnational Incorporated (ETI) will collaborate to add more value to their respective customers.

Both companies have signed a memorandum to develop their partnership agreement which not only will create space for both to innovate but also for affordable financial services via MTN Mobile Money and Ecobank Banking Services.

Such a collaboration will result in the following changes:

  • Enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.
  • Leveraging of Ecobank and MTN’s assets to digitise international remittance, foster product innovation in the field of mobile saving and lending, and offer digital payment solutions to consumers, merchants and corporates.

Based in Johannesburg, MTN invests into advancing communication infrastructure.  The large subscriber base mobile company currently operates in many African, European and Asian countries and strongly believes in delivering a bold and new digital world to their customers. Their collaboration with ETI reflects this, through their understanding of digital communication.

Commenting on the collaboration, MTN Group President and CEO, 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.”

The ‘leading pan-African bank’ ETI operates in 36 of Africa’s 54 countries including the following:

Angola, Benin, Burkina Faso, Burundi, Cape Verde, Cameroon, Central African Republic, Chad, Congo Brazzaville, Democratic Republic of Congo, Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Ghana, The Gambia, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome & Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The ETI Group also has a licenced operation in Paris with representative offices in Beijing, Dubai, Johannesburg, London and Luanda.

With such a diverse customer base, the company delivers their services through three customers focused based divisions:

  • Consumer Banking
  • Commercial Banking
  • Corporate and Investment Banking

The bank has over 20,000 employees which make ETI, the largest employer of labour in the financial sector in Middle Africa. Operating as one bank, this unique network manages its operation through a single core banking application, known as Oracle Flexcube.

Ade Ayeyemi, Group CEO of Ecobank said: “The changing landscape of digital banking and mobile telephony is creating unique opportunities in the way and manner customers are served. Africa will need to digitise financial services to rapidly scale up client acquisition and patronage. MTN and Ecobank are taking the big step today at this grand event to support this agenda”

Further he reiterated that “Ecobank’s digital strategy has long been committed to ensuring transaction convenience for the market. We have made giant strides in our mission to ensure financial inclusion and today’s agreement with MTN will greatly accelerate the easy availability of banking services to the previously unbanked.”

This collaboration can open up better opportunities for effective and reliable banking services for African customers, and can help shape better banking communication.