• Friday, June 14, 2024
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American Express, Ecobank Group sign agreement for expansion in sub-Saharan Africa

Ecobank gets shareholders nod for N840bn capital raise

American Express and Ecobank Group, a pan-African financial services Group, has announced an agreement to expand American Express Card acceptance in 21 countries across Africa.

Through this agreement, American Express Card members will be able to use their cards in 12 new countries which are Burundi, Central African Republic, Gabon, Guinea-Bissau, Liberia, Malawi, Mali, Niger, São Tomé and Príncipe, Sierra Leone, The Gambia, and Togo.

Read also: Five highlights from Ecobank’s full-year earnings report

Additionally, the number of merchants accepting American Express Card payments will increase in nine other countries where American Express acceptance already exists: Cape Verde, the Democratic Republic of Congo, Equatorial Guinea, Ghana, Nigeria, the Republic of Congo, Rwanda, Tanzania, and Uganda.

Acceptance in these countries will be rolled out over the next 12 months. Ecobank will also provide ATM acceptance for American Express in all countries where they operate in Africa (with the exception of Cape Verde).

The agreement, which was announced at the African Development Bank Group Annual Meetings 2024, will strengthen the American Express global network by increasing the number of locations where American Express Card Members can use their Cards in Sub-Saharan Africa.

The agreement will also enable merchants to attract business from a new customer base of American Express consumers, business, and corporate Card Members in Africa and around the world.

“We are delighted to welcome American Express to our network, reinforcing our commitment to offering innovative payment solutions for customers across Africa,” said Jeremy Awori, CEO of Ecobank Group.

“This agreement will benefit American Express Card Members, providing them with greater choice and will help merchants to grow their businesses. It also highlights the scalability of Ecobank’s unrivaled borderless banking ecosystem and network across Africa.”

Read also: Ecobank’s three-month earnings more than triples to N141bn

Mohammed Badi, President of Global Network Services at American Express, commented: “This agreement with Ecobank is a major milestone for American Express acceptance across Africa as it will expand our presence in sub-Saharan Africa to 42 countries from 30 at present.”