MTN has announced a collaboration with one of Africa’s leading independent banking groups, Ecobank Transnational Incorporated (ETI), enabling both companies to leverage each other’s assets that will ultimately offer more value to their respective customers across the continent.
MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s products to provide instant bank accounts and remittances through Africa’s largest bank by network.
The two entities have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.
This includes 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.
Ade Ayeyemi, Group CEO of Ecobank said that 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.
“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,” added MTN Group President and CEO, Rob Shuter.