Airtel, Ecobank team up in global mobile money deal

Airtel Africa has signed a deal with Ecobank’s parent company, Ecobank Transnational Incorporated, which will more than double the reach of the telco’s mobile money services to 33 countries including Kenya.

The partnership, which is subject to regulatory approval in each market, will see Airtel money customers ride on Ecobank’s digital financial services ecosystem to make mobile transactions such as deposits, shopping payment and transfers across countries as well as access loans.

Airtel Africa CEO Raghunath Mandava said the deal would offer its customers locally relevant mobile commerce solutions.

“This partnership is a further demonstration of Airtel Africa’s commitment to provide affordable, simple and innovative solutions for our consumers across Africa,” he said.

Ecobank Group CEO Ade Ayeyemi said the deal would deepen financial inclusion by allowing the underbanked population to access financial products.

“This potential extensive reach will further provide convenience to customers, intra-country and particularly for cross-border transactions and remittances across Africa,” he said.

Airtel operates in 14 African countries including Kenya, where its mobile money service is available. But the deal gives it access to 33 countries currently being served by Ecobank. This will rival Vodacom Group’s M-Pesa, which has more than 14.2 million customers outside Kenya.

In Kenya, Airtel money had 3.6 million active subscribers, served by 20,199 agents in the three months ended June 2019.

The value of transactions was Sh843.9 million while mobile commerce on the platform was Sh2.04 billion.

The deal will see Ecobank corporate account holders make bulk disbursements such as payroll payments directly into Airtel Money customer wallets.