Ecobank Group, MTN sign MoU to deepen financial inclusion across Africa

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Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated (ETI) and Rob Shuter, Group CEO of MTN during the signing of the MoU

MTN has collaborated with Ecobank Group to enable both companies to leverage each other’s assets that will ultimately offer more value to their respective customers across the continent.

The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.

Ade Ayeyemi, Group CEO of Ecobank said: “The changing landscape of digital banking and mobile telephony is creating unique opportunities in the way and manner customers are served. 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”

The MoU will entail:

  • Enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.
  • Leveraging of Ecobank and MTN’s assets to digitise international remittance, foster product innovation in the field of mobile saving and lending, and offer digital payment solutions to consumers, merchants and corporates.

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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