MICROCAPITAL BRIEF: EcoBank to Offer Mastercard in 23 African Countries

MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, reportedly has signed a deal with EcoBank Transnational Incorporated, a Togo-based bank with operations in 20 African countries, to provide MasterCard payments cards to EcoBank’s customers in 23 countries in Africa. Under this deal, EcoBank and its subsidiaries will be able to offer customers MasterCard’s credit, debit and prepaid cards at its 1,200 branches. This deal  is a result of a 2011 agreement between the two companies to examine opportunities to work together throughout Africa.

As of year-end 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity and 13.7 million customers. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.

By Megan McGowan, Research Associate

About EcoBank:

Incorporated in 1985, Ecobank Transnational is a Togo-based bank that provides wholesale, retail, investment and transaction banking services and products. As of year-end 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches in 29 countries.

About MasterCard:

MasterCard Incorporated is a payments and technology company that is headquartered in the US. state of New York. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products aim to facilitate commercial activities such as shopping, traveling, running a business and managing personal finances. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.

Sources and Additional Resources

[1] This Day Life: “Ecobank, Mastercard Seal Deal on Financial Inclusion,” http://www.thisdaylive.com/articles/ecobank-mastercard-seal-deal-on-financial-inclusion/168947/

MicroCapital: “Airtel, EcoBank Partner to Provide Mobile Money Services in Africa,” October 22, 2013, https://www.microcapital.org/microcapital-brief-airtel-ecobank-partner-to-provide-mobile-money-services-in-africa/

MicroCapital: “Airtel Partners Ecobank to Provide Mobile Money Services,” October 3, 2013, http://www.ventures-africa.com/2013/10/airtel-partners-ecobank-provide-mobile-money-services/

MicroCapital: “Ecobank, Lonestar Cell MTN Launch “Mobile Money School Fees Payment Service” in Liberia,” July 30, 2013, https://www.microcapital.org/microcapital-brief-ecobank-lonestar-cell-mtn-launch-mobile-money-school-fees-payment-service-in-liberia/

MicroCapital, June 12, 2013, “MasterCard Introduces “SME Online” Internet Payment Solution in Nigeria,“ https://www.microcapital.org/microcapital-brief-mastercard-introduces-sme-online-internet-payment-solution-in-nigeria/

MicroCapital Universe Profile: Ecobank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank

MicroCapital Universe Profile: MasterCard?https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard

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