Ecobank Transnational Incorporated (ETI), a pan-African banking conglomerate that operates in 33 African countries, and Lonestar Cell Mobile Telecommunications Network (MTN), a member of the multinational telecommunications company MTN Group that has services in 21 countries in Africa, Europe and Middle East, reportedly have launched a partnership in Liberia that will alleviate the costs of waiting to pay for students’ school fees [1]. “Mobile Money School Fees Payment Service,” which is approved by the Central Bank of Liberia (CBL), the country’s central bank that has the mission to preserve and maintain price stability in the Liberian economy [2], currently is available over mobile phone and the internet. It intends to “bring relief” to parents and guardians who may wait in lines for hours to pay for school fees, missing work or time away from their families [1].
Many schools have started using the service, through which guardians can deposit funds from their account directly to a school’s bank account. As an incentive to use the service, Lonestar is offering ten computers and ten generators to the first ten schools that sign up for the service [1]. In addition to assistance with school fees, the service gives customers the ability to withdraw and deposit cash, send money to anyone who meets the unspecified qualifying criteria, buy a variety of products and services, receive money by electronic funds transfer and more [1].
The mobile money service aims to enable Liberians in rural areas to conduct business more efficiently and economize their lives.
In December 2012, Ecobank reported assets totaling USD 20 billion, while MTN’s assets as of December 2011 were reported at USD 22 billion.
By Anesa Kratovac, Research Associate
About Ecobank Transnational Incorporated
Incorporated in 1985, Ecobank is a pan-African bank with a network of approximately 700 branches in 29 countries. It is a full-service bank that provides wholesale, retail, investment and transaction banking services and products. By December 2012, Ecobank had USD 20 billion in assets and USD 2 billion in equity.
About Mobile Telecommunications Network (MTN)
Established in South Africa in 1994, Mobile Telecommunications Network Group (MTN) is a multinational telecommunications provider that provides cellular telephone service. MTN also operates MobileMoney, a banking platform that can be used on cellular devices. MTN reported total assets of USD 22 billion as of December 2011 with approximately 120 million subscribers in 21 countries in Africa and the Middle East as of July 2013.
Additional Sources and Resources:
[1] AllAfrica.com Web Article, June 4, 2013, “Liberia: Mobile Money Eases School Fees Payment,” http://allafrica.com/stories/201306040630.html
[2] Central Bank of Liberia official website, http://www.cbl.org.lr/
MicroCapital.com Article, August 25, 2012, “MICROCAPITAL BRIEF: Ecobank Launches Savings Campaign in Uganda,” https://www.microcapital.org/microcapital-brief-ecobank-launches-savings-campaign-in-uganda/
MicroCapital.org Article, July 9, 2013, “MICROCAPITAL BRIEF: Uganda Government Proposes 10% Tax on Mobile Money Transaction Fees,” https://www.microcapital.org/microcapital-brief-uganda-government-levies-10-tax-on-mobile-money-transaction-fees/
MicroCapital Universe Profile: Ecobank Transnational Incorporated (ETI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank
MicroCapital Universe Profile: Mobile Telecommunications Network (MTN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mobile+Telecommunications+Network+%28MTN%29
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