MTN, Ecobank in mobile money deal - TechCentral

MTN, Ecobank in mobile money deal


MTN Mobile Money users, who are also Ecobank customers, will soon be able to withdraw cash from Ecobank ATMs in 12 African countries, the two companies said on Monday.

They will also be able to transfer money between their Mobile Money and Ecobank accounts.

According to a statement from MTN, the service was piloted in Ghana last month, and will soon be launched in Benin, Cameroon, Ivory Coast, Ghana, Guinea Bissau, the Republic of Guinea, Liberia, Congo Brazzaville, Rwanda, South Sudan, Uganda and Zambia.

MTN’s Mobile Money registered subscriber base grew 57,3% to 14,8m in 2013.

“We are extending our co-operation in Africa to expand the range of services provided, as well as to further explore the development of mobile financial services in these countries,” the two companies said. MTN said the agreement fits in with its efforts to improve access to financial services for its customers.

MTN and Ecobank are also looking to partner in developing a mobile savings offering.

“This roll-out further demonstrates our commitment to make branchless banking a reality by activating multiple service channels in every country in which we operate,” said Patrick Akinwuntan, Ecobank’s group executive director for domestic banking.

MTN Mobile Money allows users to perform local and international money transfers, make utility and other service payments, purchase airtime and access mobile financial products. By the end of last year, it had 14,8m registered users and was available in 14 countries.  — (c) 2014 NewsCentral Media

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