E-Business
MasterCard, Ecobank Partner for e-Payment in 28 Sub-Saharan African Countries
Ecobank Transnational Inc. and MasterCard, have announced a multi-country licensing agreement which will provide access to MasterCard’s payment solutions for Ecobank’s customers in a further 23 African countries.
The agreement is the culmination of a Memorandum of Understanding originally signed in November 2011.
Ecobank subsidiaries in 28 countries across Sub-Saharan Africa are now licensed to issue and accept MasterCard prepaid, debit and credit cards.
Through this partnership, Ecobank’s customers in this fast growing region will have access to MasterCard’s credit, debit and prepaid card products, whilst MasterCard will leverage Ecobank’s unrivalled pan-African footprint to provide its electronic payments solutions to a wider customer base.
“The provision of convenient, reliable and accessible financial products and services forms the bedrock of Ecobank’s Pan African strategy,” said Patrick Akinwuntan, Ecobank’s group executive director responsible for Domestic Banking.
“We also recognize that partnerships with leading global players such as MasterCard are key to accelerating the migration of our customers to a ‘cashless society’ throughout Africa.”
Commenting on this partnership, Ecobank’s group chief executive officer, Thierry Tanoh said: “This agreement demonstrates Ecobank’s vision which is to provide our customers with convenient, accessible and reliable financial products and services as part of our commitment to build a world class pan-African bank and contribute to the economic development and financial integration of Africa.”
Ecobank is now licensed by MasterCard in the following 28 countries: Burkina Faso, Benin, Burundi, Cameroon, Central African Republic, Chad, Republic of the Congo, Democratic Republic of Congo, Cote d’Ivoire, Gabon, Gambia, Ghana, Guinea (Conakry), Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
“We are proud to partner with Ecobank, which is quickly growing its presence in Africa. This is the largest multi-country licensing project completed by MasterCard in Africa and as such is a great milestone for us, as we aim to achieve our vision of a world beyond cash by bringing the benefits of electronic payments to an increased customer base in Sub-Saharan Africa,” said Daniel Monehin, division president, Sub-Saharan Africa, MasterCard.
“We expect that the 28 newly licensed Ecobank subsidiaries will begin to accept MasterCard credit, debit and prepaid cards at their ATMs and Points of Sale from early 2014, as we work with the Ecobank Group to complete licensing of the remaining Ecobank subsidiaries.”
Under the terms of the 2011 MOU, MasterCard will partner with Ecobank to explore joint business development opportunities across Central, East, West and Southern Africa where Ecobank has a presence.
In addition, the banking group will become an issuer and acquirer of MasterCard products in more than 1,200 branches across Africa, giving Ecobank’s customers access to over 35.9 million acceptance points – including 2.1 million ATMs – in over 210 countries and territories worldwide where MasterCard cards are accepted.
The collaboration comes at a time when MasterCard is working in partnership with governments and financial institutions around the world to broaden usage and acceptance of electronic payments, thus promoting their benefits relative to cash transactions of convenience, security and reliability.
Today, over 85% of retail payments globally are still carried out using cash or check, with the percentage being much higher in Africa.
However, the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa, providing opportunities for the advancement of a cashless society across the continent.
Nigerian government, through the Office of the National Security Adviser (ONSA) and the National Information Technology Development Agency (NITDA), has announced a strategic collaboration to strengthen cybersecurity and clean up the nation’s cyberspace.
Recognizing that cybercrime knows no borders, Nigeria also reaffirmed its commitment to fostering stronger global partnerships within the cybersecurity ecosystem.
This announcement was made during a press conference before the inaugural National Cybersecurity Conference, which is scheduled to take place in Abuja from July 9th to 11th, 2025.
Sa’ad Abubakar, national cybersecurity coordinator from the Office of National Security Advisor, said fighting cybercrime must take the whole of society and the whole of the government approach.
According to him, “Apart from the deterrent approach whereby government agencies such as Economic and Financial Crimes Commission (EFCC) arrest individuals, take them to court and prosecute them, the youth can be nurtured into better citizens who can showcase their capacity in better ways and be useful to the country.”
Similarly, Kashifu Abdullahi, director-general, NITDA, also stressed the need for collaborative efforts in fighting cybercrimes.
According to him “Then, in addition to that, we also want to build a stronger global collaboration with the global cyber security ecosystem, because when you look at cybercrime in general, it doesn’t respect the borders.
“Someone can commit a crime from Ghana using a Nigerian ID in the US. So you can look at him physically in a different jurisdiction, pretending to be in another jurisdiction, committing the crime in another jurisdiction.
“So without that kind of synergy and working together, it will be difficult to address these challenges. The third one is challenge. The third one is getting an alternative to cybercrime for our kids in Nigeria. We have this as a major challenge.”
Inuwa further highlighted the upcoming conference’s importance, noting that it would tackle key issues through workshops, discussions on emerging threats, cross-border cybersecurity collaboration strategies, and training programmes.
He also announced that the National Cybersecurity Conference 2025 would feature the Cybersecurity Excellence Awards, recognising top contributions in the field.
The DG extended an invitation to global partners to collaborate with Nigeria in building a safer digital future.
The press conference was attended by notable figures, including Ahmad Sa’ad Abubakar, National Coordinator of, the National Cybersecurity Coordination Centre (NCCC); Hanniel Jafar, Representative of the President, of Cyber Security Experts Association of Nigeria (CSEAN); Ankit Shukla, Managing Director, QNA Marketing Management LLC and members of the press and other stakeholders.
XIAN Telecom has acquired an 8% stake in pan-African e-commerce company Jumia Technologies, citing the platform’s fintech and logistics strengths as key drivers of its backing.
This marks the first major telecom investment in Jumia since MTN Group’s exit in 2020.
AXIAN, a fast-growing telecom and digital services provider with operations across Africa, disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission.
While the financial terms were not disclosed, AXIAN Telecom CEO, Hassan Jaber, described the move as a strategic alignment with Jumia’s growth trajectory and digital ecosystem.
“Jumia’s achievements in digital retail and fintech, particularly through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” said Jaber.
Once dubbed the “Amazon of Africa,” Jumia became the first African-founded tech company to list on the New York Stock Exchange in 2019.
But years of underperformance, leadership changes, and competitive pressures dented investor confidence.
In October 2020, South Africa’s MTN Group offloaded its 18.9% stake for $138 million, well below the $698 million value it once held post-IPO.
Since then, Jumia has undergone a significant transformation. Under CEO Francis Dufay, appointed in 2022, the company exited low-performing markets like South Africa and Tunisia, cut costs, and doubled down on core markets – Nigeria, Kenya, Egypt, and Morocco.
The firm is now focused on high-growth verticals, including everyday essentials and digital financial services.
Jumia’s regional CEO for East Africa, Vinod Goel, recently revealed plans to scale up international brand offerings and open its logistics network to third-party businesses.
Jaber underscored that AXIAN Telecom’s investment signals renewed confidence in Jumia’s long-term potential.
The telecom firm’s CEO said the company views Jumia as a key player in advancing Africa’s digital economy, aligning with AXIAN’s mission through its fintech and digital infrastructure brands such as Yas and Mixx by Yas.
Abisoye Coker-Odusote, director general, National Identity management commission (NIMC) has said that the commission is set to register 95 percent of Nigerians into the National Identity Database before December 2025.
Abisoye Coker-Odusote,, DG, NIMC
She made this statement at a press briefing to highlight the commissions goal aligns with President Bola Tinubu’s Renewed Hope Agenda, particularly on digital governance and inclusive development.
The mass enrollment drive will be powered by a combination of improved infrastructure, expanded registration centres, and robust public sensitization campaigns.
As of May 2025, NIMC reports over 120 million Nigerians have been enrolled, and about 100 million more would be captured by December.
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