Ecobank Nigeria has announced a 10-year partnership with MasterCard for the issuance of debit cards to the bank’s customers in the country.
The deal follows a licensing agreement between the Ecobank Group and MasterCard in January to provide MasterCard payment solutions in 28 sub-Saharan African nations.
According to a statement by Ecobank, the partnership will see customers in Nigeria continue to leverage the security and convenience of electronic payments versus cash and other transaction forms.
The statement quoted Ecobank’s Group Executive Director, Domestic Banking, Mr. Patrick Akinwuntan, as saying, “Electronic payment platforms provide a cost-effective way to improve financial inclusion in Africa, which is at the core of the vision of Ecobank.
“In teaming up with MasterCard, we are providing our customers with a ‘best of breed’ solution, combining local market knowledge and proven technological expertise with the economies of scale that derive from access to the leading pan-African payment platform.”
The nation is currently on a drive to accelerate the adoption of electronic payment, with various stakeholders, including the Central Bank of Nigeria, launching consumer education campaigns.
Local banks, for example, working with the Nigeria Interbank Settlement Scheme, have commenced a consumer awareness campaign to explain the benefits of electronic payment platforms, with the aim of increasing their acceptance.
The statement quoted the Managing Director, Ecobank Nigeria, Mr. Jubril Aku, as saying, “In Nigeria, increased urbanisation, a growing labour force and the rise of online shopping are fuelling demand for more convenient payments. Using electronic payments to penetrate the country’s unbanked population of nearly 80 million also represents a market with huge, untapped potential.”
It also quoted the Division President, sub-Saharan Africa, MasterCard, Mr. Daniel Monehin, as saying, “We envisage a world beyond cash in Nigeria and Africa, where consumers can enjoy the security, efficiency and convenience of electronic payments.
“Our vision can only become a reality through collaborations with key industry stakeholders, such as the Ecobank Group. Working together with governments, financial institutions, merchants and businesses, we will be able to help modernise the payment industry in Africa.”
In 2011, MasterCard signed a Memorandum of Understanding with the Ecobank Group, through which it would become an issuer and acquirer of MasterCard products in more than 1,200 branches across Africa.
