Ecobank Nigeria latest innovative product, EcobankPay, the lifestyle digital payments and collections service is currently changing several narratives on financial technology (Fintech) value chain in Nigeria.
Apart from grossing over N1 billion in cumulative transactions value, currently services has risen to well over 90,000 multiple merchant locations across the country.
Business Hilights recalls that EcobankPay offers customers a multi-channel payment experience, including Mobile QR Payment at merchant stores- mCash, Masterpass and mVisa.
Merchant QR is set up via Facebook Messenger a well as USSD payment for low-income phone users. EcobankPay is used by all businesses from small, informal micro merchants to large corporates as well as governments. It enables them to offer easy and convenient payment options to their customers in-store or online.
Besides, EcobankPay’s unique offering is such that all bank customers in Nigeria can pay with Masterpass, mVisa, and mCash with any phone by scanning the QR code or using USSD at merchant locations. It 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.
Since its introduction across markets in Nigeria, reception had been on the rising scale as traders now transact their businesses with ease.
The Executive Director, Commercial Banking, Ecobank Nigeria, Carol Oyedeji, said additional offerings coming with the scheme include instant settlement of transaction with no transaction fees and it supports domestic and cross border transactions.
She explained that the target of the bank in bringing digital payment solutions to customers is to drive transaction safety, reliability and convenience to both customers and non- customers of the bank.
Earlier in his remarks on the performance of EcobankPay, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said “We are impressed with the significant progress made so far on EcobankPay transactions. It is gradually becoming a lifestyle payment for all.“The initiative is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients by eliminating risk of payment rejection. It also delivers instant value and sales, transparency for merchants and all customers.