Ecobank partners MasterCard to launch mobile payment service in Nigeria
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The service will enable micro, small and medium enterprises (MSMEs) in Nigeria to accept fast and secure digital payments from consumers.
Ecobank Transnational Incorporated, a leading Pan-African banking group, has partnered with MasterCard, a global payments giant, to launch a mobile-driven, person-to-merchant payment service in Nigeria.
The service, which is called Ecobank Masterpass QR, is an enhancement to the Masterpass global digital payment service that will enable micro, small and medium enterprises (MSMEs) in Nigeria to accept fast and secure digital payments from consumers, according to a statement released last week.
With the Ecobank Masterpass, users of Ecobank’s mobile banking app will be able to pay for online and in-store purchases without cash or physical bank cards by scanning a quick response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones.
“Ecobank Masterpass QR serves the rapidly expanding needs of individuals and merchants in Nigeria and across Africa who are increasingly turning to mobile for payments,” said Ade Adeyemi, Ecobank’s Group CEO. “Enabling prosperity in Africa is about bringing many millions quickly into an organised financial system on the continent and globally. MSMEs are Africa’s future wealth creators and Masterpass QR is designed with these increasingly tech-aware businesses in mind.”
MasterCard’s Masterpass QR aims to address challenges with the acceptance of electronic payments within the MSME segment, which accounts for 96 percent of Nigerian businesses. And given that about 98 percent of MSMEs still transact using cash, Masterpass QR provides acquiring banks with a cost-effective, fast and easy way to deploy solutions to enable these businesses to accept electronic payments.
“Masterpass QR is a game-changer for Nigeria’s payment industry, as we can now offer affordable acceptance solutions to acquirers that have previously struggled to provide expensive mobile point of sale (PoS) and PoS devices to MSMEs,” said Daniel Monehin, MasterCard’s Division President, Sub-Saharan Africa. “We are pleased to partner with Ecobank to bring this technology to the country and help consumers leapfrog into the digital age – all using the market’s existing mobile banking infrastructure.”
Ecobank said select merchants in Ikeja, Victoria Island and Lekki areas in Lagos State already accept Masterpass QR, with additional merchants being signed up across the country. After launching in Nigeria, Ecobank plans to launch Ecobank Masterpass QR in 34 other markets.
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