Airtel Africa and Ecobank Transnational Incorporated (“ETI”) have inked a new partnership that will enable Airtel Money and Ecobank customers from all over the continent access mobile financial services and a variety of mobile transactions.
The partnership, which is yet to be approved by regulators in the two markets, will enable Airtel Money customers make online deposits and withdrawals, effect real time domestic and international money transfers, make in-store merchant payments, and access loans and savings through Ecobank’s digital financial services ecosystem.
“This partnership is a further demonstration of Airtel Africa’s commitment to provide affordable, simple and innovative solutions for our consumers across Africa. We will continue to offer locally relevant M-Commerce solutions with partners like Ecobank in order to enhance the daily lives of our customers,” Airtel’s CEO for Africa Raghunath Mandava said in a statement.
The partnership will also allow the lender’s corporate account holders to make bulk disbursements, such as payroll payments directly into Airtel Money customer wallets. Additionally, Ecobank will be able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers.
“We believe that financial inclusion can ultimately contribute to economic development, collaborating with major telecommunications providers in Africa is therefore a key strategic driver towards closing the gap between the banked and the underbanked. Hence this partnership with Airtel Africa which makes Ecobank financial services available to any Airtel line registered on Airtel Money in our markets where regulatory approvals are in place. This potential extensive reach will further provide convenience to customers, intra-country and particularly for cross-border transactions and remittances across Africa,” Ecobank Group CEO, Ade Ayeyemi, said on his part.
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