Ecobank Group and Mastercard were recognized at the African Banker Awards held on Tuesday night. The two were awarded for their for delivering ‘Innovation in Banking’ through their strategic partnership.
The award ceremony was under the patronage of the African Development Bank, and is the continent’s banking and finance sector’s most prestigious event in recognizing innovation and excellence in the industry.
“Millions of Africans already hold the transformative power of technology in their hands with their mobile phones – and Ecobank is leveraging the mobile platform to introduce solutions that truly meet the financial, payments and collection needs of customers and owners of small and micro businesses in Africa,” said Patrick Akinwuntan, Group Executive, Consumer Banking at Ecobank.
“It is for that reason that we partnered with Mastercard to deliver a quick, convenient, secure and above all, affordable payments solution that we have integrated into our mobile banking platform to better serve our customers and deliver on financial inclusion in Africa. This win at the African Banker Awards is, therefore, a recognition that we are moving in the right direction.”
The landmark deal between the two organizations was signed in 2016 and focused on financially empowering 100 million new customers in Africa by 2020, through access to the Ecobank Mobile App supported by Masterpass QR.
The two say the introduction of pioneering solutions that meet the needs of all Africans and deliver higher levels of economic involvement is a core differentiator of leading financial solutions. Mastercard in partnership with Ecobank works to illustrate their continued commitment to facilitating financial inclusion and ensuring all Africans can meet their full potential.
“We are committed to delivering solutions that build inclusive ecosystems and ultimately foster the move to a cashless society. Our partnership with Ecobank has resulted in Masterpass QR being rolled out across Africa in 33 markets, delivering a more secure and convenient way for merchants to accept payments and for consumers to pay for goods and services,” said Omokehinde Adebanjo, Vice President and Area Business Head, West Africa, Mastercard.
Masterpass QR is ground-breaking in that it lets customers pay for goods and services using their smart or feature mobile phones while delivering efficient and cost effective digital payment solutions to micro, small and medium size enterprises on the continent. These businesses are core to driving growth and development in Africa and have traditionally been held back by the high installation and running costs of point-of-sale infrastructure.