Ecobank, Airtel sign mobile banking deal

Mobile banking platform (image source: File photo)

ECOBANK Transnational Incorporated, a pan African banking group and Bharti Airtel, an Indian telecommunications company, have signed a new deal that will promote mobile banking services across the African continent. This move comes as various African countries are implementing new mobile banking strategies in an effort to boost their economy and ICT sectors.

The new deal will explore the development of innovative mobile financial services focused on serving the unbanked and under-banked. It will also contribute to the economic development of the countries

Ecobank and Bharti Airtel currently operate in 14 countries across Africa. They hope to increase their business presence through this business initiative.

The agreement will see them launch a number of financial services, including Person-to-Person (PSP), Business to Business (B2B) and mobile savings products including Ecobank Mobile and Airtel Money.

Telecom regulators across Africa have to approve the agreement before its final implementation.

“This memorandum of understanding reaffirms Ecobank’s commitment to providing banking and financial services to the unbanked and under-banked in Africa. And given that Ecobank and Airtel have already collaborated in some countries to successfully implement mobile financial services, it is logical that we extended this collaboration with Airtel to all the markets of our mutual presence in Africa,” says Ecobank’s Group Chief Executive officer, Arnold Ekpe.

By: Andrew Matapare – Senior ICT Journalist