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Market Digest Nigeria

Business

Ecobank Introduces Cardless Cash Withdrawal Service

Ecobank said it is striving to address the needs of the unbanked (and the general populace) by transforming a mobile phone into an all-in-one bank account and payment/cash withdrawal tool. One such example, according to a statement from the bank, is its innovative ‘Xpress Cash’ functionality, which has been introduced as part of its upgraded mobile banking app.

Xpress Cash allows customers to withdraw cash from any Ecobank ATM using e-Tokens generated from the Ecobank Mobile app.  The e-token generated can also be redeemed at agent locations within any of Ecobank’s 33 territories across middle Africa. Additionally, customers can send e-tokens to third parties via SMS, email or social media. “Innovating for customer convenience is in our DNA at Ecobank,”Ecobank’s CEO, Ade Ayeyemi said.

He added: “We have developed this fast, convenient and innovative mobile banking solution – cardless Xpress Cash at our ATMs and Agencies to embed our digital platforms within the lifestyle of our customers and improve the uptake of digital financial solutions by both banked and unbanked in Africa.” The World Bank data indicates that in sub-Saharan Africa only 34 per cent of adults had a bank account in 2014, up from 24 per cent in 2011.

The Ecobank’s Group Executive for Consumer Banking, Patrick Akinwuntan said: “Ecobank is known across Africa for leveraging the mobile phone to deliver instant bank accounts, transfers and payments to our customers.

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