Airtel Africa and Ecobank improve access to mobile financial services in Africa

October 22, 2019 • Company News, Finance, Top Stories

Global telecoms provider, Airtel Africa announced on Monday, 21 October 2019, that it is partnering with Ecobank Transnational Incorporated to allow millions of Airtel Money and Ecobank customers across Africa to improve their access to mobile financial services and carry out a variety of mobile transactions.

Airtel Africa is partnering with Ecobank to allow customers across Africa to improve their access to mobile financial services. (Image source: Livemint)

Airtel Africa has operations in 14 countries whilst Ecobank spans 33 countries across the continent.

This partnership, which is subject to regulatory approval in each market, aims to enable Airtel Money customers, through Ecobank’s digital financial services ecosystem, make online deposits and withdrawals, effect real-time domestic and international money transfers, make in-store merchant payments, and access loans and savings products amongst others.

The partnership will also allow Ecobank corporate account holders to make bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Additionally, Ecobank will be able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers.

“This partnership is a further demonstration of Airtel Africa’s commitment to providing affordable, simple and innovative solutions for our consumers across Africa. We will continue to offer locally relevant M-Commerce solutions with partners like Ecobank to enhance the daily lives of our customers,” says Raghunath Mandava, CEO of Airtel Africa.

“We believe that financial inclusion can ultimately contribute to economic development, collaborating with major telecommunications providers in Africa is, therefore, a key strategic driver towards closing the gap between the banked and the underbanked,” adds Ecobank Group CEO, Ade Ayeyemi.

“Hence this partnership with Airtel Africa which makes Ecobank financial services available to any Airtel line registered on Airtel Money, in our markets where regulatory approvals are in place. This potential extensive reach will further provide convenience to customers, intra-country and particularly for cross-border transactions and remittances across Africa.”

Edited by Jenna Cook

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