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Ecobank and Bharti Airtel join forces to promote mobile banking across Africa

By on June 23, 2011

Ecobank Transnational Incorporated (“Ecobank”), the leading pan-African banking group, and Bharti Airtel (“Airtel”), a leading global telecommunications company, have signed a Memorandum of Understanding (“MOU”) to promote mobile banking services across Africa.

Under the terms of the MOU, Ecobank and Airtel plan to explore the development of innovative mobile financial services focused both on serving the unbanked and underbanked and contributing to the economic development of the 14 African countries in which they jointly operate. This landmark MOU combines the distribution capabilities of Africa’s largest indigenous banking group, present in 32 countries across the Continent and a world class telecoms operator committed to offering pioneering mobile services in Africa.

Both entities have agreed to launch a wide range of mobile financial services offerings, including Person to Person (P2P), Business to Business (B2B) and mobile savings products under the brand names of “Ecobank Mobile” and “Airtel Money”, subject to legal and regulatory requirements.

Commenting on this significant development, Ecobank’s Group Chief Executive officer, Arnold Ekpe said: “This MOU 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.”

Manoj Kohli Bharti Airtel’s CEO ( International) and Joint Managing Director said: “Partnering with Ecobank to bring mobile financial services to all corners of Africa further demonstrates Airtel’s commitment to Africa and supports the concept of borderless mobile telecoms services across the continent.”

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