Ecobank has announced the roll-out of its new mobile banking solution for the end of 2016, across the 33 sub-Saharan African countries where it operates. The solution - Masterpass “QR” - is already used in Nigeria, the group’s largest market. “The solution will enable millions of micro, small and medium enterprises across Africa to begin accepting fast and secure digital payments,” the pan-African group said.  

The roll-out results from a memorandum of understanding (MoU) signed between Ecobank and Mastercard, U.S. firm specialized in payment solutions and bank accounts management. “We will use Masterpass QR to leverage the power of digital to bring millions of people into the formal financial sector. Our mission at Ecobank is to build a world-class Pan-African bank that contributes to the integration and socio-economic development of the continent,” said Group CEO Ecobank, Ade Ayeyemi.

The group believes it will rapidly achieve its target of 100 million users with the new service and most importantly increase its revenues.

Nigeria, the bank’s main market, keeps suffering plunge in oil prices. Ecobank intends to optimize its banking services in order to mitigate challenges that hamper its profits.

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