Ecobank App Records Over USD$1 Billion in Transactions in Less Than 18 Months
Financial services application; Ecobank app has processed 9 million transactions worth over USD$1 billion since launch less than 18 months ago across 33 African countries. The application earlier this month hit a milestone of 4 million users after the bank had revamped its app recording 3 million new users in less than 6 months.
The application enables users to open Ecobank Xpress Accounts instantly on their mobile device which doesn’t involve account fees, paperwork or minimum balance requirements, and allows the 4 million account holders to send and receive money across these 33 African countries using Ecobank Rapidtransfer, a unique 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 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 an Ecobank Xpress Point (agent locations).
Ade Ayeyemi, Ecobank Group CEO, in a press statement said the bank’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.
Patrick Akinwuntan, Ecobank’s Group Executive, Consumer Banking added that the bank is committed to providing easy access to financial services for all Africans, leveraging the ubiquity of mobile phones via the bank’s Mobile App and at Ecobank Xpress Point agents wherever physical interaction is necessary especially for cash deposits.
