Ecobank Ghana, as a part of its initiative to promote a cashless system launched the Ecobank Pay zone at Osu on May 11, and is already seeing more than 15,000 merchants signing on to the product.
The Ecobank Pay zone is a digital payments and collections service designed to promote financial inclusion by taking advantage of the digitization trend to help the public access financial services and make payments with ease. The product is in line with government’s cash-lite agenda.
At the launch on the Osu Oxford Street, Mrs. Josephine Anan-Ankomah the Group Executive in charge of Commercial Banking at Ecobank Transnational Inc., said the platform would enable businesses within a location to adopt Ecobank’s wide range of digital products for ease of payments for goods and services. She said the Payzone would help facilitate easy, secure and convenient transactions for merchants across the country.
“It is our determination to create ease of payment and boost economic activities most, especially in various communities and markets in Ghana. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear.
“The product makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around,” she said.
She mentioned that the payzone would deepen financial inclusion in the various communities and aid business transactions between merchants and clients.
She observed that the bank was confident of signing all their customers on the new digital platform in a bid to build a cashless economy.
Mr Stephen Kemetse, Head of Transaction Services of Ecobank Ghana, explained that the product was a payment solution that enhanced transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants. The product would enable merchants to receive credit instantly.
“This is very important for working capital particularly for small businesses.
“Ecobankpay enable easy tracking of customers business profiling for quick access to credit, save fast, reduce the risk of security in terms of exposure to cash or exposure to pilfering of merchant’s credentials.
“The beauty of the Ecobankpay is in the cost of setting up as the shop owner simply prints the QR code on a paper and can stick it anywhere and do not run any risks,” he said.
Mr Tara Squire, Ecobank’s Regional Head of Consumer Banking indicated that Ecobank had created a new cost-efficient branch formats that would allow its customers to pay bills, move cash and buy basic everyday items using their mobile phones.
He stated that the bank’s mobile app was an instant and convenient platform that leveraged the power of digitization to deliver real convenience to customers and enabled them to open new digital accounts via mobile phone devices.
“The Ecobank Mobile app enables customers to make instant payments; open accounts, as well as do instant transfers across 33 countries in Africa.”