Ecobank, MasterCard seal licensing deal

Ecobank Transnational Incorporation (ETI) and MasterCard said they have sealed a licensing agreement to provide access to MasterCard’s payment solutions for Ecobank’s customers in 23 African countries.

The agreement, according to a statement from ETI yesterday, was the culmination of a Memorandum of Understanding (“MOU”) originally signed in November 2011.

Under the terms of the MOU, MasterCard will partner with Ecobank to explore joint business development opportunities across Central, East, West and Southern Africa where Ecobank has a presence.

In addition, the banking group will become an issuer and acquirer of MasterCard products in more than 1,200 branches across Africa, giving Ecobank’s customers access to over 35.9 million acceptance points –including 2.1 million ATMs – in over 210 countries and territories worldwide where MasterCard cards are accepted.

Ecobank subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards. Through this partnership, Ecobank’s customers within the region will have access to MasterCard’s credit, debit and prepaid card products, whilst MasterCard will leverage Ecobank’s unrivalled panAfrican footprint to provide its electronic payments solutions to a wider customer base.