EcobankPay Gets N1Billion in Transactions Value

An innovative, cost-effective and convenient digital solution service EcobankPay of Ecobank Nigeria has reported a cumulative transaction value of over a billion naira. EcobankPay also offered customers an advantage of multi-channel payment experience which includes: Mobile QR Payment at merchant stores (mCash, Masterpass and mVisa), Merchant QR is set up via Facebook Messenger as well as USSD payment for underprivileged phone users.

According to the bank, 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.

The digital service was an exceptional bonus that all bank customers in Nigeria can pay with Masterpass, mVisa, and mCash with any phone through 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. EcobankPay is currently available at over 90,000 multiple merchant locations across the country, additional offerings which include instant settlement of transaction with no transaction fees and it supports domestic and cross border transaction.

According to the Managing Director, Patrick Akinwuntan Ecobank Nigeria, he said that we are placing Ecobankpay as the choice for instant digital payment in every part of the country. He noted that the innovative payment solutions was introduced by the bank to create payment convenience for good and services and also to support the growth of businesses including small and medium scale enterprises (SMEs) across the country.

“We are impressed with the significant progress made so far on EcobankPay transactions. It is gradually becoming a lifestyle payment for all. 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 said excitingly.

Also Commenting on the development, the Executive Director, Commercial Banking, Ecobank Nigeria, Carol Oyedeji, 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. She said further that the channel offers an explicit advantage of supporting the three main schemes, Masterpass, mVisa and mCash thereby broadening acceptability regardless of which Bank a Client makes payment from. The QR Code is much cheaper than having a point of sale (POS) terminal and credit to the merchant which is instant, she noted.