Ecobank offers discount on digital platform

BY: Suleiman Mustapha
 Mr Tara Squire
Mr Tara Squire

Ecobank is creating new cost-efficient branch formats that will allow its customers to pay bills, move cash and buy basic everyday items using their mobile phones.

It has been estimated that there are several millions of people in the country who lack bank accounts but own a mobile device.

Speaking to selected journalists in Accra, the Regional Head of Consumer Banking at Ecobank, Mr Tara Squire, said the bank’s mobile app, which was launched last year, was an instant and convenient platform that leveraged the power of digitisation to deliver real convenience to customers and enabled them to open new digital accounts via mobile phone devices.

The Ecobank Mobile app enables customers to make instant payments; open accounts, as well as do instant transfers across 33 countries in Africa.

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Digital platforms

The Ecobank App, the first of its kind in Africa, also has an innovative payment solution, the Ecobank Masterpass, that gives customers the convenience to pay for goods at merchant locations by simply scanning a QR code on their phones.

So far, the bank has released four innovative phone-enabled services, which are the Ecobank Mobile app, Scan + Pay QR Code, TBill4All and the Ecobank Xpress Account.

The new app enables customers to depend more on its digital platforms to do their daily banking activities; a move that is part of the bank’s transformation agenda which has created a fundamental shift of its banking activities to digital channels, as well as improve customers’ experience, while also reducing the cost of serving the customer.

These products enable customers to do banking on the go, saving them the much-needed time to concentrate on their businesses while at the same time decreasing their transactional costs for banking.

“Adding lifestyle benefits to the bouquet is part of the digital transformation agenda,” said Mr Squire, whose bank hopes to lead this drive in the country.

Smart discount

Paying to watch a movie at the Silver bird Cinema with an Ecobank mobile app comes with a 50 per cent discount, while paying for medication at Medimart or purchasing an electronic item at Electromart or even Papa’s Pizza attracts a 10 per cent discount.

He said Ecobank had instituted a one per cent discount on all Rapid Transfer payments through the Ecobank Mobile app from now till December 31, 2017.

“So, the great finance revolution isn’t about innovation for innovation’s sake. It’s about meeting people’s needs, making lives better and promoting growth in the country,” he boasted.

The promotion is designed to support citizens who have need to send money to loved ones across Africa during this festive season.
“Beneficiaries will receive the money from their Ecobank account, Xpress Account, mobile wallets and cash at our agent locations in any of our 33 African countries,” Mr Squire explained.

Rapid Transfer is an Ecobank proprietary send and receive money transfer product available in all Ecobank locations across Africa. This unique product facilitates easy transfer and access to funds across Ghana and in all countries where Ecobank is present.

“We will continue to leverage on our balance sheet size to introduce more convenient, accessible and reliable products and services in line with its mission,” Mr Squire said.