NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, September 29, 2014

VENTURES AFRICA – Sequel to a multi-country licensing agreement made between MasterCard and Ecobank in January, both institutions have signed another deal that will see the use of MasterCard prepaid, debit and credit cards at Ecobank’s Automated Teller Machines (ATMs) and Point of Sale (PoS) terminals in 28 African countries.

Both institutions are excited about this new opportunity which allows cardholders from the former to transact with some 2,500 ATMs and also make purchases in over 20,000 outlets across Africa including shops, hotels, and restaurants.

In a statement, MasterCard said: “Expanding MasterCard’s acceptance in 28 countries across Ecobank’s network is a significant milestone for us as we work together to accelerate the adoption of electronic payments and create a cashless society in Africa. This partnership has combined MasterCard’s global payment technology with Ecobank’s unrivalled pan-African footprint to give their cardholders more convenient, secure and reliable ways to pay.