Telecommunication company MTN has announced its collaboration with Ecobank to offer more value to their respective customers by expanding the scope of their partnership, enabling both companies to leverage each other’s assets.
MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products to provide instant bank accounts and remittances from Africa’s largest bank by network.
The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop their partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.
Ecobank and MTN Mobile Money customers will now be able to transfer money between mobile money wallets and bank accounts.
Ecobank and MTN’s assets to digitize 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, CEO of Ecobank 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.” “Ecobank’s digital strategy has long been committed to providing banking facilities to the mass market. We have already made giant strides in our mission to ensure financial inclusion and today’s agreement with MTN will greatly accelerate the easy availability of banking facilities to the previously unbanked.”
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.”
He added that MTN is open to working with other financial institutions to bridge the financial divide.