PayTech

Ecobank Launches Product In Lagos To Deepen Financial Inclusion

Patrick Akin Akinwuntan, Managing Director and Regional Executive of Ecobank Nigeria

AS part of its effort in deepening Central Bank of Nigeria’s financial Inclusion strategy, Ecobank has launched Ecobankpay zone at the Amu market, Mushin Lagos.

The Managing Director, Ecobank Nigeria, Patrick Mr. Akinwuntan who launched the digital payment zone explained that the EcobankPay zones in various market clusters across the country is to facilitate easy, secure and convenient transactions in the market place, adding that it will boost business activities in the country.

He 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, stressing that it would remove the trauma associated with delays in paying for goods in the market.

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According to him, EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mVISA with any phone by scanning QR code or using USSD.

“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 interoperability and convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).

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“Traders can now enjoy more possibilities to grow their business as they can also sell to customers with EcobankPay in 32 countries in Africa. 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.”

EcobankPay Zone was first launched in Alaba International market in February this year.