FinTech Firm MFS Africa Appointed As Ecobank’s Digital Payment Partner

Through partnerships with mobile network operators including MTN, Orange, Airtel, Moov, Econet, Tigo, Safaricom and Vodafone, MFS Africa allows mobile financial services to scale across borders, currencies and networks with a Pan African Bank like Ecobank.

1
Ade Ayeyemi, Ecobank Group CEO
Ade Ayeyemi, Ecobank Group CEO

Johannesburg-based FinTech startup MFS Africa has been appointed as a digital payment partner enabling cross-platform payment services for Ecobank account holders.

The partnership allows Ecobank customers to send and receive money to and from over 170 million mobile money users through an integration with MFS Africa that covers all Telcos in the MFS Africa Hub.

The service is both domestic and crossborder intra-Africa transfers.

Speaking on the partnership, Dare Okoudjou, founder and CEO of MFS Africa says that the region’s financial inclusion landscape offers exciting opportunities for innovation and
collaboration between Banks, other financial institutions, Mobile Money Operators and
FinTech.

Amsterdam, 23 april 2018 - Dare Okoudjou is directeur/ceo van MFS Afrika, specialist in mobiel bankieren op het Afrikaanse continent. In sub-Sahara Afrika (excl Zuid-AFrika) betalen mede dankzij zijn bedrijf al 170 miljoen mensen met hun mobieltje. Foto Dingena Mol
Amsterdam, 23 april 2018 – Dare Okoudjou is directeur/ceo van MFS Afrika, specialist in mobiel bankieren op het Afrikaanse continent. In sub-Sahara Afrika (excl Zuid-AFrika) betalen mede dankzij zijn bedrijf al 170 miljoen mensen met hun mobieltje. Foto Dingena Mol

“We’re proud to offer seamless payments across networks and borders into the next frontier of financial inclusion – mobile wallets – to Ecobank customers. Historically, the relationship between banks and FinTech has been competitive but Ecobank has demonstrated a win-win approach to partnership that takes care of every stakeholder in the value chain,” HE SAID.

“Ecobank is the first financial institution that shares the MFS Africa vision to make financial services more seamless, convenient, and interoperable across Africa”

MFS Africa operates the largest mobile payments hub network in sub-Saharan Africa,
connecting over 170 million mobile wallets, and a wide network of money transfer operators and merchants.

Through partnerships with mobile network operators including MTN, Orange, Airtel, Moov, Econet, Tigo, Safaricom and Vodafone, MFS Africa allows mobile financial services to scale across borders, currencies and networks with a Pan African Bank like Ecobank.

Ecobank operates in 33 African countries, serving over twenty million customers. In line with the bank’s digital strategy, the partnership with MFS Africa Hub creates the first major
initiative of interoperability between the bank account and mobile money customers. This brings greater value for mobile money customers as they can now send money directly to any bank account in Ecobank without infrastructural hinderances; conversely, Ecobank customers can do the same.

“The partnership between Ecobank and MFS Africa represents a significant step in building pan-African linkages between mobile money services and traditional banking channels”, says Ade Ayeyemi, CEO of Ecobank Group.

“Typically, banks and other financial service providers seeking to integrate to mobile wallet
systems are confined to domestic markets with almost no interoperability among networks
in a single country, let alone across borders, severely inhibiting utility, efficiency, and
customer experience. The collaboration between Ecobank Banking Group and MFS Africa
eliminates this hurdle and accelerates the ecosystem, driving financial inclusion and offering  a greater range of options to Africans.

Advertisements

1 COMMENT

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.