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Reduced Bank Charges will Boost Financial Inclusion – Ecobank MD

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

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, says the Central Bank of Nigeria’s recent directive on the reduction of bank charges will help to drive financial inclusion.

In a statement by the bank, Akinwuntan said Ecobank had complied with the CBN’s directive and commended the regulator for taking bold steps to strengthen the financial inclusion drive in the country.

He called for the stakeholders’ buy-in to make banking more affordable and accessible to everyone.

He noted that lower charges would encourage the unbanked to adopt structured financial services, thereby driving financial inclusion and economic growth.

Ecobank had been at the forefront of the campaign for inclusive and affordable banking, the statement added.
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“Anyone, regardless of their social class, can open the Ecobank Xpress Account with zero naira, from any phone type,” it stated.

In his new year message to customers, Akinwuntan stated, “Our removal of session charges on Ecobank *326# well ahead of the recent downward review of charges on digital transactions by the Central Bank of Nigeria further demonstrates our commitment to delivering more service to our customers, making banking with Ecobank more delightful in the new year and beyond.”

The bank said it offered EcobankPay, a cashless easy-to-make-payment service, at over 100,000 merchant locations in over 50 markets in Nigeria.

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It stated that Ecobank’s proprietary money transfer service, Rapidtransfer, offered Africans living abroad the option of sending money home to their loved ones at minimal fees relative to competition.

Ecobank Xpress Point Agents, it added, had also been deployed by the bank to bring banking to every neighbourhood in Nigeria.

“At the corporate level, Ecobank Online, Ecobank OMNIPLUS and Ecobank OMNILITE provide easy payment and collection services to customers,” the bank said.