Bharti Airtel (Airtel), an Indian telecommunications company, recently partnered with EcoBank, an African commercial bank, to expand mobile banking services in Africa. Airtel customers with an Ecobank account will be able to pay bills, check account balances and transfer money using their mobile phone. The service currently is set up in seven African countries and expected to be launched in 10 more in the future.
As of August 2012, Airtel reported total assets of USD 636 billion, and approximately 261 million subscribers across 150 countries. As of the same year, Ecobank had USD 20 billion in assets and 13.7 million customers.
By Megan McGowan, Research Associate
About Bharti Airtel:
Founded in 1995, Bharti Airtel (Airtel) is an Indian telecommunications company headquartered in New Delhi, India. Airtel operates Airtel Money, where users can transfer money, pay bills and perform financial transactions directly from their mobile phones. As of August 2012, Airtel’s total assets were at USD 636 billion. Airtel has approximately 261 million subscribers across 150 countries.
About EcoBank:
Incorporated in 1985, Ecobank is a pan-African bank with a network of approximately 700 branches in 29 countries. It is a full-service bank that provides wholesale, retail, investment and transaction banking services and products. By year-end 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches.
Sources and Additional Resources
Ventures: “Airtel Partners Ecobank to Provide Mobile Money Services, October 3, 2013, http://www.ventures-africa.com/2013/10/airtel-partners-ecobank-provide-mobile-money-services/
MicroCapital.org Story, “MICROCAPITAL BRIEF: Bharti Airtel, MicroEnsure Launch Mobile Microinsurance Service in Africa,” August 28, 2013, https://www.microcapital.org/microcapital-brief-bharti-airtel-microensure-launch-mobile-microinsurance-service-in-africa/
MicroCapital.org Story, MICROCAPITAL BRIEF: Ecobank, Lonestar Cell MTN Launch “Mobile Money School Fees Payment Service” in Liberia,” July 30, 2013, https://www.microcapital.org/microcapital-brief-ecobank-lonestar-cell-mtn-launch-mobile-money-school-fees-payment-service-in-liberia/
MicroCapital.com Story, “MICROCAPITAL BRIEF: Tigo Launches Mobile Banking Service in Chad to Compete with Airtel,” April 14, 2013, https://www.microcapital.org/microcapital-brief-tigo-launches-mobile-banking-service-in-chad-to-compete-with-airtel/
MicroCapital.com Story, “MICROCAPITAL BRIEF: Ecobank Launches Savings Campaign in Uganda,” August 25, 2012, https://www.microcapital.org/microcapital-brief-ecobank-launches-savings-campaign-in-uganda/
Microcapital Universe Profile: Bharti Airtel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bharti+Airtel
MicroCapital Universe Profile: Ecobank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank
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