MTN Mobile Money users, who are also Ecobank customers in 12 African countries, will soon be able to withdraw cash from Ecobank ATMs. They will also be able to transfer money between their Mobile Money and Ecobank accounts.
According to MTN, the service was piloted in Ghana last month, and will soon be launched in Benin, Cameroon, Ivory Coast, Ghana, Guinea Bissau, the Republic of Guinea, Liberia, Congo Brazzaville, Rwanda, South Sudan, Uganda and Zambia.
MTN and regional commercial bank Ecobank have teamed up in what they say is a bid to improve access to mobile financial services in Africa. Both pan-African multinationals have experience in extending financial services in several of their markets. In 2013 MTN reported a Mobile Money subscriber base growth of 57.3%, to 14.8 million.
"We are extending our co-operation in Africa to expand the range of services provided, as well as to further explore the development of mobile financial services in these countries," says Pieter Verkade, MTN Group chief commercial officer. MTN has operations in 22 countries across Africa. MTN Mobile Money is available in 14 countries.
The two entities say they are also looking to partner in developing a unique mobile savings offering within their countries of mutual presence.
Patrick Akinwuntan, Ecobank's group executive director for domestic banking, says the roll-out demonstrates the bank's commitment to make branchless banking a reality by activating multiple service channels in the countries it operates. The bank has a presence in 33 African Markets
"Our pan-African footprint will also enable us to be at the forefront of developing the market for cross-border mobile money services in Africa."
MTN Mobile Money enables users to perform local and international money transfers, make utility and other service payments, purchase airtime and access range of mobile financial products.
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