MTN partners with Ecobank for financial services

MARCH 17,2014.

BUSINESSTECH .

MTN says it has partnered with Ecobank to improve access to mobile financial services in the African continent.

Ecobank is a pan-African banking conglomerate, with banking operations in 33 African countries.

MTN Mobile Money users, who are also Ecobank customers in 12 African countries, will soon be able to withdraw cash from Ecobank ATMs. They will also be able to transfer money between their Mobile Money and Ecobank accounts, the mobile operator said.

The service was piloted in Ghana last month, and will soon be launched in Benin, Cameroon, Ivory Coast, Ghana, Guinea Bissau, the Republic of Guinea, Liberia, Congo Brazzaville, Rwanda, South Sudan, Uganda and Zambia.

Both pan-African multinationals have vast experience in extending financial services in several of their markets, with MTN’s Mobile Money registered subscriber base growing 57,3% to 14,8 million in 2013.

“We are extending our co-operation in Africa to expand the range of services provided, as well as to further explore the development of mobile financial services in these countries. MTN is particularly excited by this agreement as it fits in perfectly with our on-going efforts to improve access to financial services for our customers and broader communities in the countries where we operate,” said Pieter Verkade, MTN Group chief commercial officer.

MTN and Ecobank are also looking to partner in developing a unique mobile savings offering within their countries of mutual presence.

As of 31 December 2013, MTN Mobile Money had 14,8 million registered users, and was available in 14 countries.