MTN expands financial services offering with Ecobank deal
By Paula Gilbert
MTN is moving further into the financial services space, announcing a partnership with major Pan-African banking group Ecobank.
The deal allows both companies to leverage each other’s assets and large subscriber bases and use technology to deepen financial inclusion across the African continent.
The groups yesterday signed a memorandum of understanding in Lagos, Nigeria, to develop a partnership agreement, which they say will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank banking services.
The major areas of business will be digital international remittances, product innovation in the fields of mobile saving and lending, as well as digital payment solutions for consumers, merchants and corporates. The deal will also enable customers to transfer money between mobile money wallets and bank accounts.
Photo courtesy of Ava Systems.