Banking

Airtel Africa partners with Ecobank Group

Through Ecobank, Airtel Money will now issue both virtual and physical debit and pre-paid cards to Airtel Money customers.

Airtel Africa and Ecobank Transnational Incorporated (ETI) signed a partnership which will benefit Airtel Money and Ecobank customers.

Airtel Money and Ecobank customers will have access to mobile financial services and carry out a variety of mobile transactions.

The partnership is subject to regulatory approval in each market. Through the partnership, Airtel Money customers, through Ecobank's digital financial services ecosystem will be able to make online deposits and withdrawals, make in-store merchant payments, effect real-time domestic and international money transfers and access loans and savings products.

Ecobank will be able to sponsor Airtel in issuing both virtual and physical debit cards as well as prepaid cards to customers.

In a statement, Ecobak said the partnership will give corporate account holders a go through when making bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Through Ecobank, Airtel Money will now issue both virtual and physical debit and pre-paid cards to Airtel Money customers.

Airtel Africa CEO Raghunath Mandava said the partnership is a demonstration of the company's commitment in providing affordable, simple and innovative solutions to their consumers across Africa.

"We will continue to offer locally relevant M-Commerce solutions with partners like Ecobank in order to enhance the daily lives of our customers," Mr Mandava said.

Ecobank Group CEO, Ade Ayeyemi, said the new partnership is confirmation that financial inclusion can contribute to economic development. He further added that the key strategic driver towards closing the gap between the banked and the under-banked is collaborating with major telecommunications providers in Africa.

He said that partnering with Airtel Africa makes Ecobank financial services available to any Airtel line registered on Airtel Money, in markets where there are regulatory approvals.

He further said that potential extensive reach would provide convenience to customers, intra-country and particularly for cross-border transactions and remittances across Africa.

Ecobank Transnational Incorporated (ETI)is a leading global telecommunications service provider and parent company of Ecobank a pan-African banking group that operates in 33 countries.

Earlier this month, Airtel Africa announced a partnership with Mastercard. The partnership allows Airtel customers to have a Mastercard virtual (non-plastic) card such that even those without a bank account can make payments to local and global online merchants that accept Mastercard cards.

Source: The Exchange

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