One of Africa’s fastest growing financial institutions, Ecobank Transnational Incorporation, and the multinational financial services corporation MasterCard have signed an electronic payment deal which might lead to the bank’s 60% control of the market share in Nigeria and 27 other African countries.
The private Guardian newspaper reported Thursday that the multi-country licensing agreement would enable the provision of MasterCard’s payment solutions for Ecobank’s customers in those countries.
By this deal, Ecobank subsidiaries in 28 countries across sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards.
The partnership also means that Ecobank’s customers in this fast growing region will have access to MasterCard’s credit, debit and prepaid card products, while MasterCard will leverage Ecobank’s unrivalled Pan-African footprint to provide its electronic payments solutions to a wider customer base.
From the deal, Ecobank is now licensed by MasterCard in 28 countries: Burkina Faso; Benin; Burundi; Cameroon; Central African Republic; Chad; Republic of the Congo; Democratic Republic of Congo and Cote d’Ivoire.
Others are Gabon; Gambia; Ghana; Guinea (Conakry); Guinea-Bissau; Kenya; Liberia; Malawi; Mali; Niger; Nigeria; Rwanda; Senegal; Sierra Leone; Tanzania; Togo; Uganda; Zambia and Zimbabwe.