(Business in Cameroon) - The South-African telecommunication’s group, MTN International, and the pan-African banking group, Ecobank, announced on March 17, 2014 a new mobile phone and banking product in 12 African countries. The countries are Cameroon, Benin, Cote-d'Ivoire, Ghana, Guinea Bissau, Guinea Conakry, Liberia, Congo Brazzaville, Ruanda, South Sudan, Uganda and Zambia.

This alliance between the two African groups will enable users of their Cameroonian subsidiaries, once subscribed to MTN Mobile Money and Ecobank customers, to conduct transactions such as withdrawals at Ecobank ATMs. Customers of both companies will also enjoy the possibility to transfer money between their MTN Money and Ecobank accounts.

On December 31, 2013, MTN International already had 14.8 million Mobile Money users, up by 57% in a year. The Ecobank group is present in 35 African countries, including Cameroon, and has a network of 1,250 agencies. “MTN is particularly delighted about this agreement which falls perfectly in line with our continued efforts to improve our customers’ access to financial services,” stated MTN Sales Director, Pieter Verkade. “This demonstrates our commitment to making out-of-branch banking a reality. Our pan-African presence allows us to be at the forefront in the development of phone-based, border-area banking services in Africa,” stated Ecobank Executive Director, Patrick Akinwuntan, in charge of Domestic Banking.