American Express Partners with Ecobank to Expand Card Acceptance in 21 African Nations

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American Express has announced a strategic partnership with Ecobank to significantly broaden the acceptance of its cards across 21 African nations. The alliance, unveiled during the African Development Bank’s annual meetings in Nairobi, will introduce 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. These countries include Cape Verde, the Democratic Republic of Congo, Equatorial Guinea, Ghana, Nigeria, the Republic of Congo, Rwanda, Tanzania, and Uganda. This rollout will occur over the next year. Additionally, Ecobank will enable ATM acceptance for American Express across all 35 African countries where it operates, excluding Cape Verde.

Mohammed Badi, President of Global Network Services at American Express, emphasized that this agreement represents a significant expansion of American Express’s presence in sub-Saharan Africa, increasing its reach from 30 to 42 countries. He expressed enthusiasm for the benefits this expansion will bring to merchants, providing them access to a higher-spending customer base.

In a related development, Ecobank signed a $200 million agreement with the African Guarantee Fund in November to support SME lending, particularly in the 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.

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

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

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