Market News

OiLibya in services deal with Ecobank

Ecobank Group chief executive Ade Ayeyemi. FILE PHOTO | NMG
Ecobank Group chief executive Ade Ayeyemi. FILE PHOTO | NMG 

OiLibya through its network of petrol stations will start distributing digital financial services offered by Ecobank under a new agreement.

Ecobank Group chief executive Ade Ayeyemi said the latest partnership demonstrates commitment to bring affordable banking to the doorsteps of every African, as the bank seek to serve 100 million customers by 2020.

Facilities to be offered at the Libya State-owned network will include mobile payments, money transfer, ATMs points-of-sale (POS) and Masterpass Merchant QR.

“Ecobank believes it is the right of every African to have access to financial services and we are leveraging digital, mobile and retail chains across Africa to provide ubiquitous e-banking,”

The two pan-African firms inked the deal on Wednesday in Lome, Togo.

Libya Oil Holdings CEO Ibrahim Bugaighis said: “This partnership with Ecobank is in line with our vision of contributing to the economic and social development of Africa.”

“This will help unlock opportunities for small and medium African entrepreneurs, eliminate inefficiencies, unleash productivity and spread opportunities across society to speed up growth,” said Mr Ayeyemi.