Ecobank Signs MoU with Visa to Roll out mVisa in 33 Countries

Ecobank Group has signed a Memorandum of Understanding (MoU) with Visa to roll out mVisa, a mobile payment solution in 33 African markets by end of 2016.

This MoU will help Ecobank reach 100 million customers. mVisa is an innovative mobile payments solution that allows consumers to pay for goods and services by scanning a Quick Response (QR) code on a smartphone or entering a merchant identification number into their feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.

The mVisa service will be first rolled out in Nigeria, Ghana, Côte d’Ivoire, Kenya and Tanzania. It will subsequently be extended to other African markets.

Ecobank is one of the first banks in Nigeria to partner with Visa to provide them Visa service to Nigerian consumers and merchants.

The partnership will enable Ecobank customers to directly access funds in their bank  accounts to pay merchants (person-to-merchant or P2M) or individuals (person-to-person or P2P) in any of the 33 markets. Ecobank’s branchless banking agents will also be able to carry out transactions across the region.

Ade Ayeyemi, Ecobank Group Chief Executive Officer, said, “This partnership will enable Ecobank to bring to every household fast and instant banking solution. Customers desire immediate transactional fulfilment and this is what this mobile payment method will provide. Ecobank will continue to use its unrivalled Pan-African network and the power of digital to include the unbanked into a more formal financial ecosystem.”

Ade Ashaye, Group Country Manager for Visa West Africa, said, “We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network – security, reliability and global acceptance, allowing consumers to make payments both  domestically and internationally.”

mVisa is available with software developer kits (SDKs) and access to Visa APIs, allowing banks and programmers to build additional solutions to help address local payment needs.