Since last week, Flooz users, the mobile phone money transfer service owned by the mobile operator Moov Togo, who are equally Ecobank customers, can transfer money from their bank account to their Flooz account and vice versa.. The deal became possible after a partnership agreement signed between Ecobank and Moov Togo on August 4, 2016.
Through this collaboration, Ecobank is strengthened more in the Mobile Money segment in Africa. The banking group is already a partner in the Mobile Banking with larger telecoms groups such as MTN since 2011, Airtel since 2013, and Orange since 2015.
Partnering with Moov Togo’s Flooz service, which has 1.15 million subscribers in a country of nearly eight million inhabitants, will enable Ecobank to maximize revenues by conquering this small non-negligible market in terms of financial potential, where it is headquartered. Ecobank may even extend this partnership to other African subsidiaries of Moov that are Benin, Côte d'Ivoire, Gabon, Niger and the Central African Republic where the Pan-African bank operates.
For Moov Togo, the partnership with Ecobank will allow the telecom company to increase its presence in the Mobile Money market, in which it has been competing since last June with Togocel that launched its Tmoney product in the market. Soumaila Coulibaly, Moov Togo marketing director, stressed that "by making the Flooz services available to all our customers fairly and this on all the territory (...) Our ambition is to create an ecosystem conducive to the use of Flooz on the market, through transfer payments services".
Source: adapted from the article “Ecobank se renforce dans le Mobile Banking en Afrique en s’associant à Flooz de Moov Togo ”, Ecofin www.agenceecofin.com