Easter Promo: Ecobankpay Offers Special Discount To Shoppers

Ecobank Nigeria Limited has announced special discount for shoppers using the EcobankPay option to pay for their goods and services during the Easter holidays and will run to the end of April 2019.

EcobankPay is a digital QR code/ Unstructured Supplementary Service Data (USSD) that enables payments using the mobile phone, without the need for a debit/credit card. “When you sign up, your EcobankPay QR is emailed to you, which you can print and post/stick it anywhere your customers can see it to easily scan and pay. When paid, you receive notifications and transactions can be viewed in merchant app or online and most especially  your account is credited immediately . Your customers can now pay you from anywhere in Nigeria and around the world, anytime.  Your customers can use the Ecobank Mobile App or other bank’s mobile app to pay with MCash, MVisa and Masterpass.” 

Announcing the Easter promotion in Lagos, Carol Oyedeji, Executive Director Commercial Banking said shoppers are to get special discounts in shops in Lagos, Abuja, Port Harcourt, Benin, Warri, Aba and other cities across the country where the EcobankPay QR code is on display. Explaining the accessibility of the EcobankPay QR code, she  noted that it accepts all three payment platforms available, be it MasterPass, MVisa and MCash.

“Also, the discounts are available at all EcobankPay zones. If the person that wishes to buy goods from you is coming from a bank that has MVisa and decides to pay, the same QRcode would accept MVisa payment and vice versa. This creates synergy between us and the other banks and convenience for the merchants. And as you know, the QR code is much cheaper than having a point of sale (POS)  and your account is credited immediately,” she stated.

For the merchants she said “the beauty of the EcobankPay, is in the cost of set up, as the shop owner simply print the QR code on a paper and can stick it anywhere and do not face any risk. It is convenient and the mobile app allows the ubiquity. It allows you 24/7 access. We cannot over emphasis the instant credit”

Ecobank has recently launched several EcobankPay zones in various markets across the country. The EcobankPay Zones are digital payment hubs  enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services. It provides the opportunity for both buyers and sellers to increase their sales in an enhanced and secured way.

The EcobankPay digital hub/markets  makes it easy for the seller to be paid instantly while buyers pay with ease and also have peace of mind associated with doing business without carrying cash around. Also available at the payment zones is the Xpresspoint which allows customers do their banking transactions within their neighbourhood and non-customer open accounts on the go in as much as they have their phones.


The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients.

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Ecobank Takes EcobankPay zone To South East Market

Ecobank Nigeria has taken its digital product, EcobankPay Zone to the South East market with a launch at the popular Ariaria Market, Aba. 

Managing Director, Ecobank Nigeria, Patrick Akinwuntan while launching the product at the market said it will facilitate easy, secure and convenient transactions for merchants within Ariaria and other surrounding markets. The EcobankPay Zone is a digital payment hub enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services.

“It is our determination to create ease of payment and boost economic activities most especially in a town like Aba, renowned for indigenous production of shoes and textiles. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear. The EcobankPay digital hub makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around. Our Xpress point is also around for you to transact with ease, in as much as you have your phone you can bank with Ecobank.

“The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients. EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD”. “if the person that wishes to buy goods from you is coming from a bank that has mVisa and wishes to pay, the same QRcode would accept an mVisa payment and vice versa. That creates synergy between us and the other banks and convenience for the merchants. And as you know, the QRcode is much cheaper than having a point of sale (PoS),” he said.

Mr Akinwuntan made an example of how the EcobankPay works by buying a pair of shoes from one of the Aba traders and make payment through QR scan and the seller received alert instantly.

EcobankPay is a fresh innovative payment solution that enhances transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants. This is unlike the traditional ways that payments are made using cards on PoS where merchant, the small business person, the trader, the supermarket owner, the distributor that is holding a POS needs to wait for at least one day to get the value of the payment. EcobankPay enables the merchant receive credit instantly. This is very important for working capital particularly for small businesses.

Ecobankpay enables easy tracking of customers business profiling for quick access to credit, save faster, reduces the risk of security in terms of exposure to cash or exposure to pilfering of merchant’s credentials. The beauty of the Ecobankpay is in the cost of setting up as the shop owner simply print the QR code on a paper and can stick it anywhere and do not run any risks”.

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Excitement Greets Arrival of EcobankPay Zone In Lagos Island Markets

It was excitement and fun at Oluwole Market, Lagos Island, as Ecobank Nigeria launched its innovative digital payment solution, EcobankPay zone in the market on Wednesday. 

Traders and market leaders that spoke at the event were filled with commendation for Ecobank for introducing EcobankPay zone to their markets, stressing that it would bring ease of transactions in Lagos Island generally.
Speaking on behalf of the market leaders, the Head of the Market Women (Iya Oja), Oluwole Plaza Market, Chief Mrs Josephine Onwudiwe,  EcobankPay zone couldn’t have come to the market at a better time, stressing that the digital payment solution would go  long way to boosting activities in all the markets on the Lagos Island.

Speaking on behalf of the market leaders, the Head of the Market Women (Iya Oja), Oluwole Plaza Market, Chief Mrs Josephine Onwudiwe,  EcobankPay zone couldn’t have come to the market at a better time, stressing that the digital payment solution would go  long way to boosting activities in all the markets on the Lagos Island.

Chief Onwudiwe who traced a long relationship between Ecobank and the traders thanked Ecobank management for selecting Oluwole market for the launch, stating that she would personally ensure all the traders in the market adopt and maximize the opportunity provided with the EcobankPay zone.

“On behalf of the traders in this market, I wish to thank Ecobank for bringing this payment technology to this market. I will personally ensure all of us in this market utilize this opportunity.”

In her testimonial on Ecobank Xpress point , Mrs Adunny Danmole attested to the benefits of the services, urging traders in the market and people living in the community to embrace the EcobankPay zone and other products of the bank.

According to her, since she enlisted as a Xpress point merchant of the bank, her business has received major boost, urging Ecobank to spread EcobankPay to all the major markets in the country

Speaking at the launch, Executive Director, Commercial Banking, Carol Oyedeji reaffirmed the bank’s commitment to ensure Nigerians get quality banking transactions and good business dealings at market locations. She emphasized that the digital payment zone will further boost easy and convenient transactions in the market place.

“The EcobankPay initiative would deepen financial inclusion in the community and specifically aid business transactions between merchants and clients. EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD”. She noted.

Mrs Oyedeji called on the traders and other people living around the market to embrace the innovative pay zone. She explained that customers and non-customers of the bank who patronize the market will now have quick access to the bank’s digital payment offerings, as it would remove the stress and boredom associated with delays in paying for goods in the market.

“The Lagos Island markets are dear to our heart. Today we bring good news to traders in this popular market and others that live in this vicinity. EcobankPay will make transaction simple and easy. It will create payment convenience for good and services and growing various businesses across the country. You do not need to be a customer of Ecobank. If the person that wishes to buy goods is coming from a bank that has mVisa and wishes to pay, the same QR Code would accept mVisa payment and vice versa. That creates convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).” she noted.

EcobankPay is free to set up as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments. EcobankPay, a special merchant QR Code product of the Pan African Bank, enables customers make seamless payment for goods and services across the three major payment platforms without the use of plastic cards.

For the merchants, the beauty of the EcobankPay is in the cost of setting up, as the shop owner simply prints the QR Code on a paper and can stick it anywhere and do not run any risks.
It would be recalled that the Bank had launched similar pay zones in Alaba International market and Amu market, Mushin.

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Ecobank Wins CBN/NIBSS Award For Data Integrity

Ecobank Nigeria over the weekend carted away the “Electronic Data Rendition Compliance and Integrity” Award at the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards. 

The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth edition, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year. 

According to the NIBSS, the annual award puts into consideration electronic payment transactions data rendered to CBN by Banks and other licensed payments service providers as well as public voting and surveys administered to industry stakeholders for transactions within the year under review.

Commenting on the award, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that the award lends credence to the accuracy and integrity to “our electronic data and the proper rendition and compliance to the regulator’s standard. This also attests to Ecobank’s digital contributions and innovation in the Nigerian financial sector. We are using our digital strength to push financial inclusion in Nigeria. Our array of electronic products include the EcobankPay, Rapidtransfer, Omni-Lite”.

Further he reiterated that Ecobank is “excited to receive the NIBSS award for outstanding performance in Electronic Data Rendition, Compliance and Integrity. We are at the forefront of financial inclusion in Nigeria. Our digital offerings have simplified financial transaction processes and are safe, fast and reliable. There are testimonies on the efficiency of our products and we are happy that the regulators recognise our efforts”.  

Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by all licensed banks including the Central Bank of Nigeria (CBN).  It possesses modern world-class infrastructures for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.

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CBN Applauds Ecobank’s Sustainability Efforts

The Central Bank of Nigeria (CBN) has recognized and awarded Ecobank Nigeria on its laudable sustainability and Corporate Social Responsibility (CSR) initiatives.

The CBN at its 2018 annual awards for sustainability in Lagos, recognized Ecobank’s activities in four categories which include Sustainability Bank of the Year;; Sustainability Bank of the Year -oil and gas; Sustainability Bank of the Year -power sector and the Women Empowerment category  – the bank was first runners up in all four categories.

These recognitions are an acknowledgement not only of the bank’s efforts at supporting industrial sector development but also in the development of efficient sustainability programmes for the good of the citizenry.

The CBN Sustainability Awards – a part of the Nigerian Sustainable Banking Principle, NSBP, initiated in 2012, is an award that appreciates the efforts of financial service providers who have been able to successfully integrate social and environmental considerations into their operations, spanning across their processes and strategies.

In his comment, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said:  “it is a deliberate policy of Ecobank Nigeria to embark on sustainable projects that impact people and the environment.

Last year we focused on removing plastic waste and other non-biodegradable elements from our streets, and this recorded huge success.  We engaged young people to gather and bring to us at least one million plastic and glass bottles from homes, offices and drainages; these we bought from them for proper disposure by the authorities. This was done over a week period tagged the ‘Ecobank sustainability week’ during which we also organized symposia for secondary schools students to create awareness on tackling plastic wastes. On the CSR front, in 2018 we constructed boreholes for schools across the country and also embarked on many other CSR activities.”

Further he said, Ecobank is proud of its contributions to the development of the nation’s economy through its support for the oil and gas and power sectors. “I dedicate the awards to staff and customers of the bank who worked relentlessly towards maintaining high sustainable standards that has earned us the CBN awards. I assured that the bank will continue to embark on initiatives that impacts the people, environment and the economy”.

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We Are Supporting Women To Unleash Their Potential – Ecobank MD

The Managing Director Ecobank Nigeria, Patrick Akinwuntan said the “Ecobank Female Entrepreneurs Initiative,” is a platform designed to recognise women as special and unique customers who require tailor-made service offerings.

The Ecobank Managing Director who was speaking in Lagos reiterated that the concept is designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation, validation and contribution within the society.

According to Mr. Akinwuntan said: “Increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole therefore present vast opportunities, if properly understood and managed.”

Further Mr. Akinwuntan,said the launch is a charge to the society to challenge the status quo and strive for a balance by empowering females in their immediate environments and subsequently, on a macro level. “Our female customers will become our flagship ambassadors and we have created this platform for them in line with the sustainability requirements of the Central Bank of Nigeria. These women will be provided with free health checks, training and empowerment sessions and other support  tools from Ecobank. The Ecobank Female Entrepreneurs Initiative aims at empowering women by helping them build capacity to grow their businesses.”

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Ecobank Nigeria Unveils a Special Initiative for Women

As part of activities marking the 2019 International Women’s Day, Ecobank Nigeria has unveiled a special initiative for female entrepreneurs. 

The initiative tagged Ecobank Female Entrepreneurs Initiative is a platform designed to recognise women as special and unique customers who require tailor-made service offerings. The concept is designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation, validation and contribution within the society.

Managing Director Ecobank Nigeria,, Patrick Akinwuntan while unveiling the initiative at the bank’s head office in Lagos,  said  “increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole therefore present vast opportunities, if properly understood and managed”.

According to Akinwuntan, the launch is a charge to the society in line with the theme of the International Women’s Day 2019, to challenge the status quo and strive for a balance by empowering females in their immediate environments and subsequently, on a macro level.

In his words “Our female customers will become our flagship ambassadors and we have created this platform for them in line with the sustainability requirements of the Central Bank of Nigeria (CBN). These women will be provided with free health checks, training and empowerment sessions and other support  tools from Ecobank. The Ecobank Female Entrepreneurs Initiative aims at empowering women by helping them build capacity to grow their businesses”

Some of the benefits include access to credit facilities with little or no collateral, network opportunities across Africa, financial advisory services, wealth management resources and loyalty schemes.

Also speaking, Executive Director, Commercial Banking, Mrs. Carol Oyedeji stated that Ecobank as a Group,  is proud to join the rest of the world to commemorate the IWD 2019, with the special theme #BalanceforBetter. For her, this year’s theme leaves no one in doubt as to the dire need to raise more awareness that gender balance is not a women’s issue but a human issue that must be tackled for us to have a better society and that it should not be mistaken for a battle between the sexes.

She called on all in the corporate world to join hands to ensure that “our women attain their full potential in all areas of society, including the workplace, which is vital for our communities and economies to thrive. A balanced world is a better world. We must help forge a more gender-balanced world by celebrating and recognising women’s achievements, raising awareness against bias and taking action for equality”.

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Ecobank Nigeria To Establish 50,000 Xpress Points In 2019

Ecobank Nigeria, has disclosed plans to bring banking operations closer to Nigerian neighborhoods by expanding its agent banking locations to 50,000 before the end of 2019.

Managing director of the bank, Mr. Patrick Akinwuntan, who disclosed this during a media chat with journalists in Lagos, explained that the move is in line with the vision of the Pan African Bank to ensure the financial inclusion of all Nigerians.

According to him, the bank has 400 physical locations in Nigeria, and the aim is to let every household have access to Ecobank services “We have presence in every state in Nigeria. We have a customer base of 9 million in Nigeria, with 400 branches. More interestingly, more than 4,000 agency locations known as Ecobank Xpress point which is our approach to bringing banking to every neighborhood.

“Our ambition is to have 50,000 of such locations this year such that in every neighbourhood you can access Ecobank Xpress point to do cash deposit, withdrawal and actually make it more convenient for customers to open an account, get an instant card and participate in financial economy. Across the group, we have about 4,000 ATMs. In Nigeria we have 2,000 ATMs and we are still expanding the ATM network,” he said.

Speaking on the contribution of Ecobank to Nigerian and African economy, Akinwuntan said the bank has recorded many firsts in the banking industry revolution and introduction of EcobankPay is one of them.

He said, “we have introduced EcobankPay which has brought together all three QR codes available in the country on one platform. EcobankPay accepts and make payment with Masterpass, Mvisa and Mcash. You can have 100 QR codes at no additional cost. You don’t require different number, just one number and you are able to transact. We bringing this digital solution into the economy will enable small businesses to participate more effectively, enables faster savings, reduces risk of insecurity.”

Akinwuntan added that Ecobank will be bringing message of the combination of its POS, EcobankPay, Express Point, ATMs, Ecobank Omni, and Ecobank Omni light to markets and households to enable people interact with the products.

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