E-Financial
Ecobank Partners MTN on Mobile Money Services
Mobile Money users, who are also customers of MTN and Ecobank in 12 African countries, may soon be able to withdraw cash from Ecobank ATMs and transfer money between their Mobile Money and Ecobank accounts.
Already, the service had been 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.
The pan-African companies have partnered to improve access to mobile financial services in the African continent, with vast experience in extending financial services in several of their markets, with MTN’s Mobile Money registered subscriber base growing 57.3 per cent to 14.8 million in 2013.
“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.
“MTN is particularly excited by this agreement as it fits in perfectly with our on-going efforts to improve access to financial services for our customers and broader communities in the countries where we operate,” Pieter Verkade, MTN group chief commercial officer, said.
Ecobank’s group executive director for Domestic Banking, Patrick Akinwuntan added, “this roll-out further demonstrates our commitment to make branchless banking a reality by activating multiple service channels in every country in which we operate.
“Our unique pan-African footprint will also enable us to be at the forefront of developing the market for cross-border mobile money services in Africa.”
Meanwhile, Ecobank has rewarded winners that emerged from its Card-4-Prizes’ first monthly draws held in Lagos, Port Harcourt and Abuja.
The 15 lucky winners, which emerged from electronic draw witnessed by officials from National Lottery Regulatory Commission (NLRC); Consumer Protection Council (CPC); among others, were rewarded with smart phones; LCD televisions; air conditioners; home theatres and power generating sets.
According to Tunde Kuponiyi, bank’s head, Cards and e Banking, promo is part of efforts in supporting the use of alternative payment channels by customers and also strengthening the CBN’s cash-less policy.
He explained that the promo planned to run for three months will see customers of the bank winning prizes that includes sedan cars, all-expense paid trip to Brazil and scholarships valued N300, 000 each for different sets of winners to be drawn from different parts of the country.
To select winners, Kuponiyi affirmed that “a point-based rating” would be applied, meaning that the winning customers would be awarded points for every transaction done on the bank’s alternative channels.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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