By M&M Reporter
Relentless efforts by Ecobank to push for the adoption of financial technology by its customers have finally begun to bear fruit after the pan African Bank received an award for “Best Bank (Tier 2 & 3) in Mobile and Internet Banking” during the recently concluded 2nd Digital Inclusion Awards that took place at the Intercontinental Hotel.
The awards are organized by Digital Events Ltd in conjunction with the ICT Authority and are meant to recognize and celebrate the key players in various sectors of the economy that have adopted digital solutions in their daily business, so as to offer their products and services in a more efficient and convenient way hence positively impacting on their clients’ lives. Ecobank overcame tight competition from other commercial banks to emerge winners.
The final verdict was determined by the weighted average of public vote and a panel of judges.
Commenting on the award, Ecobank Kenya Managing Director / Regional Executive CESA Samuel Adjei said: “Winning this award is a validation of the hard work that we have put in the development of our digital platforms in order to make banking more accessible and affordable. This could not have come without the support of our customers and partners.”
The Ecobank Mobile Application (App) is the first unified banking App to be deployed across 33 countries in Africa and seeks to achieve greater financial inclusion on the continent. By April this year, some 4 million users were using the Ecobank mobile App across Africa.
Mr. Adjei noted that by availing the App to its customers and the general public, Ecobank is fulfilling one of its key societal transformation objectives which is financial inclusion for all. He said the App allows people to send money, pay for utility bills, shop and purchase airtime. In addition, users can sync their VISA cards to the App thus increasing their payment options among other benefits.
He added that Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have typically sat outside of the formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks.
Customers can download the app on their mobile and instantly open the virtual accounts known as Ecobank Xpress Account, which doesn’t attract any account fees, does not require any paperwork or minimum balance requirements. The Ecobank Xpress Point Agents can now be found across the country enabling customers to deposit money into their app-based accounts and begin to make digital payments on the app using Ecobankpay. They can also withdraw funds in local currency received from acquaintances using the innovative instant transfer or Xpress Cash capabilities.
In support of digital innovations, Ecobank recently announced winners of the Ecobank Fintech Challenge 2018 whose goal is to showcase and collaborate with the most promising fintech start-ups from across the continent and support them through commercial partnerships to grow and scale into successful pan-African and global businesses. Tanzanian fintech startup Nala won the main prize of $10,000.
