MICROCAPITAL BRIEF: Togo-based EcoBank to Accept MasterCard Debit, Credit, Prepaid Cards via 2,500 ATMs, 10,000 Points of Sale in 28 African Countries

MasterCard, a US-based payment solutions company, recently partnered with EcoBank Transnational Incorporated (EcoBank), a Togo-based bank, to enable Ecobank’s customers to use MasterCard debit, credit and prepaid cards at all of Ecobank’s point-of-sale (PoS) terminals and automated teller machines (ATMs). Ecobank operates approximately 2,500 ATMs and 10,000 PoS terminals in 28 countries in Africa.

According to a statement attributable to Patrick Akinwuntan, the Group Executive Director and Head of Domestic Bank at EcoBank, “The combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa. Governments are rapidly driving the conversion from cash to electronic payments as they too realize the benefits of a cashless society, namely increased transparency, cost effectiveness, financial inclusion, foreign investment and economic growth. This is especially important in many African countries where cash has been the prevalent or only payment option.”

As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation in 210 countries. As of year-end 2013, Ecobank reported USD 22.5 billion in assets, USD 2.1 billion in total equity, return on equity of 6.9 percent, return on assets of 0.73 percent, 10.4 million customers and 1,284 branches.

By Ananya Tiwari, Research Associate

About EcoBank:

Incorporated in 1985, Ecobank offers wholesale, retail, investment and transaction banking services and products. As of year-end 2013, Ecobank reported USD 22.5 billion in assets, USD 2.1 billion in total equity, return on equity of 6.9 percent, return on assets of 0.73 percent, 10.4 million customers and 1,284 branches in 28 countries. EcoBank has approximately 2,500 automated teller machines (ATMs) and 10,000 point-of-sale (PoS) terminals.

About MasterCard:

MasterCard is a payments and technology company that is headquartered in the US state of New York and connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. 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] Ventures Africa, http://www.ventures-africa.com/2014/09/financial-inclusion-ecobank-mastercard-enter-new-card-deal/

[2] MasterCard, http://newsroom.mastercard.com/press-releases/more-than-60-of-africas-population-to-gain-access-to-electronic-payments-across-28-countries/

MicroCapital, September 27, 2014, Globacom Launches Glo Xchange in Nigeria to Share 42k-Agent Mobile Money Network with Customers of Ecobank, First Bank, Stanbic, https://www.microcapital.org/microcapital-brief-globacom-launches-glo-xchange-in-nigeria-to-share-42k-agent-mobile-money-network-with-customers-of-ecobank-first-bank-stanbic/

MicroCapital, September 4, 2014, “Nigerian National Identity Management Commission, MasterCard Launch eID Cards for Biometric Identity Verification, Electronic Payments”, https://www.microcapital.org/microcapital-brief-nigerian-national-identity-management-commission-mastercard-launch-eid-cards-for-biometric-identity-verification-electronic-payments/

MicroCapital, August 11, 2014, Econet’s EcoCash, MasterCard to Provide Debit Cards to Mobile Money Users in Zimbabwe, https://www.microcapital.org/microcapital-brief-econets-ecocash-mastercard-to-provide-debit-cards-to-mobile-money-users-in-zimbabwe/

MicroCapital, March 5, 2014, Public Investment Corporation of South Africa Among Those Demanding Resignation of Thierry Tanoh, CEO of Togo-Based EcoBank, https://www.microcapital.org/microcapital-brief-public-investment-corporation-of-south-africa-among-those-demanding-resignation-of-thierry-tanoh-ceo-of-togo-based-ecobank/

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

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

 

Similar Posts: