MTN and Ecobank sign MoU to provide digital banking across Africa

MTN EcoThe mobile money ecosystem is set to evolve across the continent. (Image source: Ecobank)MTN has collaborated with Africa’s Ecobank Transnational Incorporated (ETI), a move that aims to leverage each other’s assets to provide more services to their customers across Africa

Under the partnership programme, MTN has linked its subscriber base, comprehensive distribution, digital products with Ecobank’s digital banking products to provide instant bank accounts and remittances to the citizens of Africa.

The MoU signed between the companies is expected to allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services, which include:

· 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.

Commenting on the partnership, Ade Ayeyemi, group CEO of Ecobank, said that as digital banking and mobile telephony continuously evolving in the region and around the world, with this partnership, both MTN and Ecobank aim to include a large number of Africans under the framework of digital banking facilities, thus contributing to the development agenda of Africa.

A large number of African populations are yet to come under the mainstream banking framework, which is hindering the continent’s goal to achieve sustainable development. In order to bridge this gap, Africa is striving to provide banking services to all its citizens, by ensuring transaction convenience for its people.

With the partnership between MTN and Ecobank, mobile money ecosystem is set to revolve, taking digital initiatives to the next level, to deepen financial access on the continent.

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