Ecobank partners MTN to deepen digital financial inclusion across Africa

10 Apr 2018
Financial Nigeria


Ecobank and MTN Mobile Money customers will be able to transfer money between mobile money wallets and bank accounts.

Ecobank Group CEO, Ade Adeyemi

Ecobank Transnational Incorporated (ETI) today announced it has signed a Memorandum of Understanding with MTN. The agreement will allow the two entities, with extensive footprints on the African continent, to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank banking services.

In the statement released by Ecobank, both companies will leverage each other’s assets that will ultimately offer more value to their respective customers across the continent. MTN’s large subscriber base, comprehensive distribution, digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network.

Ecobank and MTN Mobile Money customers will be able to transfer money between mobile money wallets and bank accounts, and access to digital international remittance, product innovation in the field of mobile saving and lending, and digital payment solutions will also be available merchants and corporates.

“The changing landscape of digital banking and mobile telephony is creating unique opportunities in the way and manner customers are served,” said Ade Adeyemi, Group CEO of Ecobank. “Africa will need to digitise financial services to rapidly scale up client acquisition and patronage. MTN and Ecobank are taking the big step today at this grand event to support this agenda.”

Adeyemi reiterated that Ecobank’s digital strategy has long been committed to ensuring transaction convenience for the market. He said: “We have made giant strides in our mission to ensure financial inclusion and today’s agreement with MTN will greatly accelerate the easy availability of banking services 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.”

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