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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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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EcobankPay Eases Loan Access For SMEs – Ecobank MD

Managing Director Ecobank Nigeria, Patrick Akinwuntan, has stated that SMEs who embrace the EcobankPay app stand a good chance of easily accessing business loans from the bank. Akinwuntan made this known during the launch of EcobankPay Zone at Amu Market in the Mushin area of Lagos on Tuesday.

Speaking at the event with market traders, Akinwuntan explained that transaction activities on the EcobankPay can be easily monitored by the bank. This he said can also make the bank approach some performing SMEs with loan offer.

The MD who addressed the traders in Yoruba language said, “As a small business owner who uses EcobankPay, if you need loan to expand your business, we don’t need to ask you for your business or transaction records. We can see it from your everyday transactions. It makes it easier for us to grant such loans. And we can even be the one to approach you with the loan offer because we can see that your business is performing and you need to expand to make more profit.”

The event was interactive, as the traders asked questions and advised the bank on how it can serve them better. On security for Ecobank’s Xpress Point agents, Akinwuntan explained that “ that the situation at Xpress Points is cash in cash out. As you come to deposit your money, someone else come for cash withdrawal. You can’t find much cash with the agents. We also ensure that we provide necessary support for these agents. We currently have 6,000 Xpress Point agents across the country.  And we are very strategic with the agents’ location.”

He further explained that apps in the EcobankPay Zone are developed to cater for the needs of SMEs. “Small businesses thrive on instant cash. When a customer comes to pay with the POS, it takes 24 hours for the money to reflect in your account. But with EcobankPay QR Code, you get value instantly. At our Xpress Points, you can easily make cash transactions, be it withdrawal or deposit without you visiting the bank. It’s fast, safe and secure. We have decided to come to the market and show you how this works. We are bringing banking to you right in your market and at your doorsteps. You don’t need to come to us, we come to you,” he said.

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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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