Ecobank, the Pan African Bank appoints MFS Africa Ltd as Digital payment partner

Dec 14, 2018 | Ecobank: All Africa

Ecobank, the Pan-African bank announced today the appointment of MFS Africa as Digital payment partner enabling cross-platform payment services for Ecobank account holders.

Ecobank, the Pan-African bank announced today the appointment of MFS Africa as Digital payment partner enabling cross-platform payment services for Ecobank account holders. The partnership allows Ecobank customers to send and receive money to and from over 170 million mobile money users through an integration with MFS Africa that covers all Telcos in the MFS Africa Hub. The service is both domestic and cross-border intra-Africa transfers leveraging Rapidtransfer, a proprietary instant remittance product of Ecobank.

Ecobank operates in 33 African countries, serving over twenty million customers. In line with the bank's digital strategy, the partnership with MFS Africa Hub creates the first major initiative of interoperability between bank account and mobile money customers. This brings greater value for mobile money customers as they can now send money directly to any bank account in Ecobank without infrastructural hinderances; conversely Ecobank customers can do the same.

MFS Africa operates the largest mobile payments hub network in sub-Saharan Africa, connecting over 170 million mobile wallets, and a wide network of money transfer operators and merchants. Through partnerships with mobile network operators including MTN, Orange, Airtel, Moov, Econet, Tigo, Safaricom and Vodafone, MFS Africa allows mobile financial services to scale across borders, currencies and networks with a Pan African Bank like Ecobank.

"The partnership between Ecobank and MFS Africa represents a significant step in building pan-African linkages between mobile money services and traditional banking channels", said Ade Ayeyemi, CEO of Ecobank Group. Read more from All Africa.

 

Source: All Africa