African banking group Ecobank has partnered with telecommunication company MTN to provide mobile financial services across Africa and facilitate financial inclusion in the continent.

The companies signed a Memorandum of Understanding (MoU) to develop the partnership and agreed to work together in delivering affordable financial services via MTN Mobile Money and Ecobank Banking services.

The partnership will enable the customers of Ecobank and MTN Mobile Money to transfer money from mobile money wallets to bank accounts.

It will also utilise the assets of Ecobank and MTN to digitise international remittance, facilitate development of products for mobile saving and lending as well as introduce digital payment solutions to consumers, merchants and corporates.

Ecobank Group CEO Ade Ayeyemi said: “The changing landscape of digital banking and mobile telephony is creating unique opportunities in the way and manner customers are served.

“Africa will need to digitise financial services to rapidly scale up client acquisition and patronage. MTN and Ecobank are taking the big step today at this grand event to support this agenda.”

MTN Group president and CEO Rob Shuter said: “Partnerships between banks and mobile money operators are fundamental in the mobile money ecosystem, hence our long-standing partnership with Ecobank in many of our markets aimed at driving financial inclusion.”