MasterCard has joined forces with Africa’s Ecobank Group to roll out card products and electronic payments across 28 African countries.
The deal is a multi-country licensing agreement that will see Ecobank become an issuer and acquirer of MasterCard products in more than 1,200 branches in Africa and electronic payments brought to up to 60% of Africans, according to MasterCard.
Patrick Akinwuntan, Ecobank’s group executive director for domestic banking, said: "The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy.
"We also recognise that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to a ‘cashless society’ throughout Africa."
Daniel Monehin, president of MasterCard in Sub-Saharan Africa, said: "We are proud to partner with Ecobank, which is quickly growing its presence in Africa.
"This is the largest multi-country licensing project completed by MasterCard in Africa and as such is a great milestone for us, as we aim to achieve our vision of a world beyond cash by bringing the benefits of electronic payments to an increased customer base in Sub-Saharan Africa.
"We expect that the 28 newly licensed Ecobank subsidiaries will begin to accept MasterCard credit, debit and prepaid cards at their ATMs and Points of Sale from early 2014, as we work with the Ecobank Group to complete licensing of the remaining Ecobank subsidiaries."