Ecobank, MasterCard target 100m Nigerians in payment tech deal

Ecobank, MasterCard target 100m Nigerians in payment tech deal

Ecobank, MasterCard target 100m Nigerians in payment tech deal

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Banking conglomerate, Ecobank Group says it targets 100 million customers by 2020 in a deal with payment technology company, MasterCard.

In order to achieve this, Ecobank says it has signed a Memorandum of Understanding (MoU) with Mastercard to roll-out the Masterpass QR mobile payment solution across 33 African countries.

Masterpass QR is the first mobile-driven, Person-to-Merchant (P2M) payment solution, according to a joint statement by the companies.

Ecobank Nigeria customers already enjoy the benefits of Masterpass QR, the bank says adding that all remaining 32 countries in across Pan-African will soon receive the benefits of the partnership by the end of 2016.

”The solution is an enhancement to the Masterpass global digital payment service that will enable millions of micro, small and medium enterprises across Africa to begin accepting fast and secure digital payments.

This service addresses the challenges of expensive infrastructural issues associated with point of sale devices and eliminates the need for cash.”

The MoU signals the largest Masterpass deal of its kind for Mastercard globally, with the QR solution specifically being selected due to Masterpass QR’s ease of use and convenience for merchants and consumers in the selected markets, the companies say.

ATM Machine
ATM Machine

Ecobank Nigeria customers already enjoy the benefits of Masterpass QR, the bank says adding that all remaining 32 countries in across Pan-African will soon receive the benefits of the partnership by the end of 2016.

In addition, users of Ecobank’s mobile banking platform across the 33 countries will be able to safely pay for online and in-store purchases by scanning a Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones.

Ade Ayeyemi, Group CEO Ecobank says “we will use Masterpass QR to leverage the power of digital to bring millions of people into the formal financial sector. Our mission at Ecobank is to build a world-class Pan-African bank that contributes to the integration and socio-economic development of the continent.”

Daniel Monehin, Division President, Sub-Saharan Africa, Mastercard says, “Masterpass QR has been fulfilling the needs of micro merchants in Nigeria since it was launched in August this year. Our extended partnership with Ecobank signals one of the largest implementations of a digital payment solution in Africa, resulting in millions of previously excluded people joining the financial ecosystem.”

Also commenting, Patrick Akinwuntan, Ecobank Group Executive Consumer Banking says, “With Ecobank Masterpass QR, our customers across 33 countries will now be able to make fast, simple and safe digital payments via Ecobank mobile banking loaded on their mobile device where Masterpass QR is accepted globally. It will also help provide instant receipts for the numerous small, medium and large merchants across Africa.”

With Nigerians soon to enjoy the benefits of the solution first in Africa, the additional 32 markets that will receive Masterpass QR as part of the groups drive to connect with 100 million new customers by 2020 across: Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Gabon, Ghana, Guinea Conakry, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Sudan, Tanzania, The Gambia, Togo, Uganda, Zambia and Zimbabwe.

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Donatus Anichukwueze Technology Journalist at Technology Times Media Phone No: 08074016066 e-mail: donatus.anichukwueze@technologytimes.ng

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