This archive report was first published on 22 October 2019.
On October 22, 2019, Airtel Africa, a leading telecommunications services provider with operations in 14 African countries, and Ecobank Transnational Incorporated, the parent company of Ecobank, a leading pan-African banking group operating in 33 countries, signed a historic partnership to revolutionize mobile financial services in Africa.
The partnership, subject to regulatory approval in each market, will enable Airtel Money customers to access a wide range of mobile financial services through Ecobank's digital financial services ecosystem. This includes making online deposits and withdrawals, effecting real-time domestic and international money transfers, making in-store merchant payments, and accessing loans and savings products.
Additionally, Ecobank corporate account holders will be able to make bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Ecobank will also be able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers.
According to Raghunath Mandava, CEO of Airtel Africa, “This partnership is a further demonstration of Airtel Africa's commitment to providing affordable, simple, and innovative solutions for our consumers across Africa. We will continue to offer locally relevant M-Commerce solutions with partners like Ecobank to enhance the daily lives of our customers.”
Ecobank Group CEO, Ade Ayeyemi, commented, “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. This partnership with Airtel Africa makes Ecobank financial services available to any Airtel line registered on Airtel Money, in our markets where regulatory approvals are in place.”
