Tuesday 10, April 2018 by Jessica Combes

$1 billion in transactions processed in Africa on Ecobank mobile app

 

Ecobank’s Mobile App, a single, unified financial services application across 33 African countries, has processed nine million transactions worth over $1 billion since launch less than 18 months ago. 

With over four million users, the Ecobank Mobile App enables users to open an Ecobank Xpress Account instantly on their mobile device, providing an easy route to financial inclusion for the previously unbanked. Customers at other banks may onboard the Ecobank Mobile App with their MasterCard or Visa cards while Ecobank customers do so using their card or retail internet banking credentials.

Users of the Ecobank Mobile App are able to transfer money instantly within Ecobank locally or across Africa using Ecobank Rapidtransfer, a service that is faster and more affordable than competing options. Consumers may also make transfers to other local bank accounts, mobile wallets and to Visa cardholders using Visa Direct on the Ecobank Mobile App.

The App offers easy payments using Ecobankpay Scan+Pay through Masterpass, mVisa and Mcash, and has options to pay utility bills, school fees, subscriptions, make donations, buy airtime instantly and generate payment tokens using Ecobank Xpress Cash to do cardless ATM withdrawals or at Ecobank Xpress Point agent locations.

Ade Ayeyemi, Ecobank Group CEO explained that Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have typically sat outside of the formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks. He noted that they had processed almost as many transactions on the Ecobank Mobile App in the first few months this year as they did in the second half of 2017. He added that the app has brought world-class functionality to consumers in the 33 countries in Africa where Ecobank operates.

“We aim to be the leading consumer financial services franchise in Africa and have developed a range of products and services relevant to meeting the daily banking, financing, investment and transactional needs of our customers.The Ecobank Mobile App provides easy access to these services anytime and anywhere and we are very pleased with the fast and increasing uptake,” said Patrick Akinwuntan, Ecobank’s Group Executive, Consumer Banking.

  

Features & Analyses