Africa's Ecobank partners with MasterCard on Masterpass QR
The Ecobank Group has signed a memorandum of understanding with MasterCard to roll-out Masterpass QR, a mobile-payment product, across 33 African countries. This new agreement will give Ecobank the scale and capacity to achieve its 100 million-customer ambition in a profitable and sustainable way by 2020, according to a press release from the bank.
The memorandum of understanding signals the largest Masterpass deal of its kind for MasterCard worldwide, according to the announcement.
Ecobank customers in Nigeria already can use Masterpass QR. Another 32 countries will see it go live by the end of the year.
Masterpass QR is an enhancement to the Masterpass global digital payment service that will enable millions of micro, small and medium enterprises across Africa to begin accepting fast and secure digital payments. This service addresses the challenges of expensive infrastructure-based issues associated with point of sale devices, and eliminates the need for cash, according to the announcement.
"With partnerships such as the one we have with MasterCard, we are well-positioned to meet the growing demands of consumers and merchants across Africa," said Ade Ayeyemi, Group CEO Ecobank. "We will use Masterpass QR to leverage the power of digital to bring millions of people into the formal financial sector. Our mission at Ecobank is to build a world-class pan-African bank that contributes to the integration and socio-economic development of the continent."