American Express has struck a merchant acquiring partnership with French financial services corporation Société Générale in eight sub-Saharan African countries
The agreement, which allows retailers serving American Express Card members to sign a contract with Société Générale, covers both online sales and POS payments through electronic payment terminals.
In a bid to strengthen its regional network, Société Générale's subsidiary in the Ivory Coast is the first to offer the service in the region, before it is rolled out to Benin, Burkina Faso, Cameroon, Chad, Guinea, Madagascar and Senegal before the end of the year.
"We are pleased to enter into this agreement to offer merchants in West Africa the ability to accept American Express," commented Alexandre Maymat, head of the Africa region at Société Générale.
"It will allow us to better serve our clients as well as acquiring new corporate customers, and it will also strengthen the bank's footprint in the region."
Praising the partnership, Andrew Stewart, vice president and general manager, bank partnerships at American Express added, "This new partnership will grow our merchant network in sub-Saharan Africa, and will benefit American Express Card members in Africa, as well as those visiting the continent.
"Sub-Saharan Africa has high potential for economic growth, and this new partnership presents a number of unique and exciting growth opportunities."
