Telecommunication company MTN has partnered with Ecobank, to offer more value to their customers.
The collaboration will enable both companies to leverage each other’s assets.
It will enable Ecobank and MTN Mobile Money customers, to transfer money between mobile money wallets and bank accounts.
However, MTN’s subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products.
This initiative will also provide instant bank accounts and remittances from Africa’s largest bank by network.
Ade Ayeyemi, CEO of Ecobank said: “Combining Ecobank’s innovative digital banking range with MTN’s enormous subscriber base means that virtually every African can now have an instant bank account, savings accounts, loans and make instant remittances on their mobile phone.”
He mentioned that Ecobank’s digital strategy has long been committed to providing banking facilities to the mass market.
“We have already made giant strides in our mission to ensure financial inclusion and today’s agreement with MTN will greatly accelerate the easy availability of banking facilities to the previously unbanked,” he said.
Commenting on the same issue, MTN Group President and CEO, Rob Shuter said: “Partnerships between banks and mobile money operators are fundamental in the mobile money ecosystem.”
” We are excited to be taking this partnership to the next level as this latest development will spearhead innovative initiatives which will deepen financial access on the continent,” he said.
He added that MTN is open to working with other financial institutions to bridge the financial divide.