EcobankPay Hits N1 Billion in Transactions Value

Thursday,Aug 01, 2019 / 05:10PM /Ecobank Bank

EcobankPay, the lifestyle digitalpayments and collections service of Ecobank Nigeria has recorded a cumulativetransaction value of over N1 billion. EcobankPay offers customers amulti-channel payment experience including: Mobile QR Payment at merchantstores (mCash, Masterpass and mVisa), Merchant QR is set up viaFacebook Messenger a well as USSD payment for low-income phone users.

EcobankPay is used by allbusinesses from small, informal micro merchants to large corporates as well asgovernments. It enables them to offer easy and convenient payment options totheir customers in-store or online.

EcobankPay’s unique offering issuch that all bank customers in Nigeria can pay with Masterpass, mVisa, andmCash with any phone by scanning the QR code or using USSD at merchantlocations. It is free to set up, as the shop owner only needs his/her QRcode and phone for notifications to start receiving quick and easy payments.EcobankPay is currently available at over 90,000 multiple merchant locations across the country, additional offerings include instant settlementof transaction with no transaction fees and it supports domestic and crossborder transactions.

Announcing this in Lagos, CarolOyedeji, Executive Director, Commercial Banking, Ecobank Nigeria, said the current level of performance of EcobankPay underscoresthe choice of the bank in bringing digital payment solutions for safe, reliableand convenient transactions to both customers and non- customers of the bank. Shefurther added that the channel offers a distinct advantage of supporting thethree main schemes, Masterpass, mVisa and mCash thereby broadeningacceptability regardless of which Bank a Client makes payment from. TheQR Code is much cheaper than having a point of sale (PoS) terminal and creditto the merchant is instant, she noted.

In his comment, PatrickAkinwuntan, Managing Director, Ecobank Nigeria said we are placing Ecobankpayas the choice for instant digital payment in every part of the country. Henoted that the innovative payment solutions was introduced by the bank tocreate payment convenience for good and services and also to support the growthof businesses including small and medium scale enterprises (SMEs) acrossthe country.

“We are impressed with thesignificant progress made so far on EcobankPay transactions. It is graduallybecoming a lifestyle payment for all. The initiative is to deepen financialinclusion in the communities and specifically aid business transactions betweenmerchants and clients by eliminating risk of payment rejection. It alsodelivers instant value and sales, transparency for merchants and all customers”he stated.

EcobankPay is available at over 32EcobankPay zones across the country and multiple merchant locations acrossvarious markets. The EcobankPay Zone is a digital payment hub enablingbusinesses within a location adopt Ecobank’s wide range of digital products forease of payments for goods and services. The payment options at the zonesinclude EcobankPay, Xpress points, Automated Teller Machines (ATMS) and Pointof Sale (PoS). The EcobankPay Zone launched in February 2019 is available atthe Alaba International markets, International Trade Fair, Balogun Market, SakaTinubu Market in Lagos; Relief market Onitsha, Ariaria Market both in SouthEast; Kofa Ruwa and Kantin Kwari Market in Kano; Wuse and Dei-Dei MarketAbuja ; Phone Village, Port Harcourt, New Benin Market in Edo State and MainMarket Warri amongst others.