MTN, Ecobank partner in mobile money venture

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MTN announced that its mobile money users, who are also Ecobank customers, will soon be able to withdraw money from Ecobank ATMs.

“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,” said MTN group chief commercial officer, Pieter Verkade.

“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.”

According to MTN, its mobile money registered subscriber base had grown 57.3 per cent to 14.8 million users as of 31 December 2013, and was available in 14 countries.

(READ MORE: MTN subscriber growth slower than expected)

The service, which will also allow users to transfer money between their mobile money and Ecobank accounts, will be launched in 12 African countries, including Benin, Cameroon, Ivory Coast, Ghana, Guinea Bissau, the Republic of Guinea, Liberia, Congo Brazzaville, Rwanda, South Sudan, Uganda and Zambia.

Patrick Akinwuntan, group executive director for domestic banking at Ecobank said, “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.”

(READ MORE: The changing face of Africa’s telecoms sector)

“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,” he added.

MTN and Ecobank are also looking to partner in developing a unique mobile savings offering within the countries where both have a presence.