Ecobank here with MasterCard

You are in Lagos and want to pick an item from the mall of amazon.com? Or is it an Italian wine from a shop in downturn Manila by a single click on your laptop inside your bedroom in Abuja? Now, you can do just that: Pay for shopping items with an international credit card.

MasterCard is finally here with plans by Ecobank Nigeria Plc to issue the globally acceptable credit card for its customers in Africa’s most populous country of over 130 million people.

This opens a new chapter for card-based transaction in the entire West African region and ends years of efforts by Cards Technologies Limited (CTL) to bring the American credit card giant into Nigeria.

Cards Technologies Limited (CTL) is providing third party processor services for all MasterCard’s based transaction in Nigeria. All transaction would pass through the switching facilities at CTL’s Lagos office.

Over 30 banks had been penciled down as issuing banks in the original plan. But with banks struggling to meet the new N25 billion recapitalisation target set by the Central Bank of Nigeria, the expected merger and acquisition of small banks by big ones may reduce the list for
MasterCard issuing banks.

Managing Director of Ecobank Mrs. Funke Osibodu told the media at a parley in Lagos that its new product is part of its plans to drive a new theme of an organisation able to meet the demands of a global village.

The card issued in Nigeria is acceptable in about 1.3 million locations across 120 countries meaning that a Nigerian cardholder may transact business with ease in all these locations. More…..

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