Tech

American Express signs agreement with Ecobank Group to expand card acceptance in 21 Africa countries

Published

1 month ago

May 31, 2024

American Express has signed an agreement with Ecobank Group aimed at expanding its card acceptance in 21 sub-Saharan Africa countries.

The CEO of Ecobank Group, Jeremy Awori, who made the announcement in a statement at the African Development Bank Group Annual Meetings 2024, said, with the deal which was penned by American Express and pan-African financial services arm of the bank, American Express Card Members would be able to use their cards in 12 new countries which include Burundi, Central African Republic, Gabon, Guinea-Bissau, Liberia, Malawi, Mali, Niger, São Tomé and Príncipe, Sierra Leone, The Gambia, and Togo.

“We are delighted to welcome American Express to our network, reinforcing our commitment to offering innovative payments solutions for customers across Africa,” said Awori.

“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 unrivalled borderless banking ecosystem and network across Africa.”

He added that the number of merchants accepting American Express Card payments will increase in nine further countries where American Express acceptance already exists which are 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 will also enable merchants to attract business from a new customer base of American Express consumer, business and corporate Card Members in Africa and around the world,” Awori added.

In his submission, Mohammed Badi, President of Global Network Services at American Express, said:

“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.

“With Ecobank’s support, we look forward to providing merchants in these countries access to higher-spending American Express Card Members both in Africa and from around the world.”

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Tech

IFC partners Deutsche Bank to boost trade finance in Africa

Published

18 hours ago

June 30, 2024

Isaac Dachen

The International Finance Corporation (IFC) has entered into a partnership with Deutsche Bank aimed at boosting trade finance in Africa.

In a statement by the IFC which is a member of the World Bank group, the risk-sharing facility with Deutsche Bank of up to €215 million will help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile and conflict-affected states.

The partnership with Deutsche Bank is expected to help meet the demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back, ultimately supporting the ongoing flow of trade on the continent.

“Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa,” the statement said.

It added that the initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.

“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Goule, Vice President for Industries. IFC.

“This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.

“IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent,” he added.

Also speaking on the partnership, Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank, said:

“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets.”

Tech

Western Union launches first African concept store in Morocco

Published

2 days ago

June 29, 2024

Isaac Dachen

Western Union has unveiled its first African concept store in Morocco in collaboration with Cash Plus.

The concept store which is located in the satellite city of Errahma offers a unique, Western Union-branded experience to customers as they send and receive money internationally, according to Mohamed Touhami el Ouazzani, Regional Vice President of Africa, Western Union, who led the unveiling of the store.

“We are thrilled to launch our first concept store in Africa – right here in Morocco,” said Ouazzani.

“The country and the wider continent play a crucial role in our growth strategy, thanks to their dynamic markets and significant remittance flows.

“Morocco is a major inbound market in Africa, with loved ones receiving international money transfers from all over the world, including the United States, France, Spain, Italy, the United Arab Emirates and the Kingdom of Saudi Arabia.

“We are delighted to launch this store in collaboration with Cash Plus, bringing customers a new level of convenience, support and accessibility.”

He added that the launch of the concept store marks a significant milestone in the company’s ‘Evolve 2025’ strategy for the country and the continent.

Also speaking on the collaboration, Hazim Sebatta, CEO at Cash Plus said:

“We are excited to expand our collaboration with Western Union to bring this unique concept store to Morocco, redefining the money transfer experience.

“Our collaboration with Western Union aims to provide exceptional service to customers, transforming the way they send and receive money and empowering them with greater convenience, efficiency and reliability.”