MTN Mobile Money users, who are also Ecobank customers in 12 African countries, will soon be able to withdraw cash from Ecobank Automated Teller Machines (ATMs). They will also be able to transfer money between their Mobile Money and Ecobank accounts.
According to MTN and Ecobank, 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 and Ecobank have partnered to improve access to mobile financial services in the African continent.Both pan-African multinationals have vast experience in extending financial services in several of their markets, with MTN’s Mobile Money registered subscriber base growing 57.3% to 14.8 million 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. MTN is particularly excited by this agreement as it fits in perfectly with our on-going efforts to improve access to financial services for our customers and broader communities in the countries where we operate," says Pieter Verkade, MTN Group Chief Commercial Officer.
According to this MTN official, MTN and Ecobank are also looking to partner in developing a unique mobile savings offering within their countries of mutual presence.
Patrick Akinwuntan, Ecobank’s Group Executive Director for Domestic Banking, is quoted as saying “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. Our unique pan-African footprint will also enable us to be at the forefront of developing the market for cross-border mobile money services in Africa.”
The collaboration with Ecobank, Verkade observed forms part of MTN’s renewed focus to deliver a distinct customer experience by providing value-added products and services.
MTN Mobile Money enables users to perform local and international money transfers, make utility and other service payments, purchase airtime and access range of mobile financial products. As of31 December 2013, MTN Mobile Money had 14.8 million registered users, and was available in 14 African countries. Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank.
It currently has a presence in 35 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The MTN Group was launched in 1994 and is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 31 December 2013, MTN recorded 207.8 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.