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Pan-African Ecobank signs licencing agreement with MasterCard for payment solutions

January 19, 2014

Pan-African banking group Ecobank Transnational Incorporated (ETI) said it has signed an agreement with MasterCard that would provide access to MasterCard's payment solutions for Ecobank's customers in a further 23 African countries. Ecobank's subsidiaries in 28 Sub-Saharan African countries are now licensed to issue and accept MasterCard's prepaid, debit and credit cards. Togo -based Ecobank has the largest footprint in Africa with over 1,200 branches in 35 African countries. It is listed on the Nigerian Stock Exchange and on the Ghana Stock Exchange . The bank's net profit for the first half of 2013 soared 95% y/y to USD 169mn thanks to strong organic growth in revenue combined with better cost control. Its pre-tax profit surged 58% y/y to USD 200mn in H1.

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Source: IntelliNews - Weekly Reports

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