American Express and Ecobank Enhance Card Acceptance Across Africa

American Express has partnered with Ecobank to significantly broaden the acceptance of its cards in 21 African nations. This strategic alliance, announced during the African Development Bank’s annual meetings in Nairobi, introduces American Express card usage to 12 new countries: Burundi, Central African Republic, Gabon, Guinea-Bissau, Liberia, Malawi, Mali, Niger, São Tomé and Príncipe, Sierra Leone, The Gambia, and Togo.

The partnership also aims to increase the number of merchants accepting American Express in nine additional countries where it is already present: Cape Verde, the Democratic Republic of Congo, Equatorial Guinea, Ghana, Nigeria, the Republic of Congo, Rwanda, Tanzania, and Uganda. This rollout is set to occur over the next year. Moreover, Ecobank will enable ATM acceptance for American Express across all 35 African countries where it operates, excluding Cape Verde.

Mohammed Badi, who is the President of global network services at American Express, noted that this agreement marks a significant expansion of American Express’s presence in sub-Saharan Africa, increasing its reach from 30 to 42 countries. He expressed anticipation for the benefits this will bring to merchants, allowing them access to a higher-spending customer base.

In a related move, Ecobank signed a $200 million agreement with the African Guarantee Fund in November to support SME lending, particularly in gender and agriculture sectors. The bank’s 2023 financial results showed a profit before-tax increase of 8% to $581 million, with net revenue surpassing $2 billion for the first time since 2015.

Ecobank’s collaboration with American Express complements its existing partnerships with Visa, MasterCard, and China UnionPay, enhancing its card services. This initiative will help merchants, particularly small and medium-sized enterprises (SMEs), attract American Express card members from both Africa and around the world.

Jeremy Awori, CEO of Ecobank Group, emphasized the benefits of this collaboration, highlighting that it will offer American Express card members greater options and help merchants expand their businesses. He praised Ecobank’s extensive banking network across Africa for facilitating such partnerships.

The focus on SME lending is part of Ecobank’s broader strategy for economic empowerment and profitability. CEO Awori highlighted the bank’s commitment to growing its consumer and SME segments, with the card business being a crucial component of this growth. He mentioned the bank’s strong performance over the past year, especially in the commercial and SME sectors.

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