The upgraded version of Ecobank’s mobile app has attracted three million new customers in six months, thus taking the total number of users to four million
By using digital technology, the mobile app aims to combat many of the financial inclusion barriers faced by people on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.
Ade Ayeyemi, CEO of Ecobank Group, said that the mobile banking aims to deliver innovative, efficient and cost-effective services to Africa’s unbanked population and therefore goes far beyond the reach of the traditional branch and ATM networks.
“So far this year, app usage has been growing at an average 700 thousand new customers per month,” Ade Ayeyemi added.
“Customers can use the app on their mobile to instantly open Ecobank Xpress Account™, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he explained.
The Ecobank mobile app focuses on removing the barriers that have financially excluded so many Africans as well as providing next-generation functionality to help them send money, make withdrawals or pay for goods and services.
Patrick Akinwuntan, group executive for consumer banking at Ecobank, said, “The Ecobank Xpress™ Point Agents that can now be found in the local neighbourhood, enable the customer to deposit money into the app-based Ecobank Xpress Account™ and begin to make digital payments on the app using Ecobankpay.”
“The customer can also withdraw funds in local currency that may have been sent to them from friends or relatives using our innovative instant transfer or Xpress Cash capabilities,” Akinwuntan added.
