Friday, April 4, 2025
27.5 C
Lagos

Ecobank Mobile App Reaches 4m Users Milestone in Africa

The upgraded version of Ecobank’s revolutionary mobile app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million.
The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.
Ade Ayeyemi, Ecobank Group CEO, says 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. Subsequently, while the app won one million customers in its first year of launch, upgraded features have seen the rate of sign-ups treble in half of the time. So far this year, app usage has been growing at an average 700k new customers per month.
“Customers can use the app on their mobile to instantly open Ecobank Xpress Account™, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he explains. “Therefore, our app not only removes the barriers that have financially excluded so many Africans but offers next generation functionality to help them send money, make withdrawals or pay for goods and services.”
Patrick Akinwuntan, Ecobank’s Group Executive, Consumer Banking, says that Ecobank is committed to providing all Africans with access to financial services, but doing so in a way that conjoins functionality with convenient, accessible and efficient banking channels, such as the rollout of Ecobank Xpress  Point Agents.
“We want to be the digital bank of choice for all Africans,” he said. “Functionality is one thing – giving our customers unrivalled convenience is another. The Ecobank Xpress  Point Agents that can now be found in your local neighbourhood enable you to deposit money into your app-based Ecobank Xpress Account™ and begin to make digital payments on the app using Ecobankpay. You can also withdraw funds in local currency that may have been sent to you from friends or relatives using our innovative instant transfer or Xpress Cash capabilities.”

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank Budgets N130m in 4th Season of Reward4Saving Promo

Stanbic IBTC Bank, a leading financial services provider in...

STI CEO, Soyinka to Nigerians: Cultivate a Culture of Insurance

The Managing Director and Chief Executive Officer of Sovereign...

Sterling Bank Champions Cancellation of Transfer Charges

In a landmark move that sets a new benchmark...

Stanbic IBTC Bank PMI: Sharpest Rise in New Orders in 14 Months

The recovery in the Nigerian private sector gathered strength...

Barth Nnaji to Deliver The Bullion Lecture 2025

Globally acclaimed energy expert, Professor Barth Nnaji, is to...

Topics

FG Committed to Passage of Petroleum Industry Bill, says Osinbajo

The Vice President, Prof. Yemi Osinbajo says the present...

Global Airlines Financial Monitor: November 2017

The latest financial data show that the industry-wide...

The Access Bank (UK) to Acquire Mauritius-based AfrAsia Bank

Access Holdings Plc has announced that its banking group’s,...

Stanbic IBTC Bank Wins Agric Bank of the Year Award

L-R: Wole Oshin, Head, Agribusiness; Olushola Alarege, Head, North...

African Airlines Record 7.4% Passenger Growth in Qtr 2

The International Air Transport Association (IATA) announced global passenger...

Fidelity Bank Distributes Food Packs to Families in Keffi

Leading financial institution -Fidelity Bank Plc -has distributed food...

Stanbic IBTC Bank Completes 1st Inbound Commercial Transaction on PAPSS

  Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC...

NCC Reports 97% Readiness Level for 5G Deployment in Nigeria

The Nigerian Communications Commission’s (NCC’s) plan for Fifth Generation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img