EcobankPay, a lifestyle digital payments and collections service of Ecobank Nigeria is driving the Central Bank of Nigeria’s financial inclusion strategy with innovative solutions that aids ease of transactions in the retail market.
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.
The platform has recorded a cumulative transaction value of over N1 billion.
It 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.
Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria, said the current level of performance of EcobankPay underscores the choice of the bank in bringing digital payment solutions for safe, reliable and convenient transactions to both customers and non- customers of the bank.
“We are impressed with the significant progress made so far on EcobankPay transactions. It is gradually becoming a lifestyle payment for all.
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‘’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” he stated.
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.