Ecobank Nigeria says over 100,000 merchants have been on-boarded on the
EcobankPay platform with transaction value reaching N2billion.
EcobankPay offers customers a multi-channel payment experience that
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 low-income phone users. EcobankPay 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.
EcobankPay’s unique offering is such that all bank customers in Nigeria
can pay with Masterpass, mVisa, and mCash with any phone by 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. Additional offerings include
instant settlement of transaction with no transaction fees and it
supports domestic and cross border transactions.
Announcing this development in Lagos, Carol Oyedeji, Executive Director,
Commercial Banking, Ecobank Nigeria, said she was impressed with the
level of acceptance of EcobankPay service by Nigerians. She reiterated
that the digital product was introduced into the financial landscape to
enhance payment and create ease and convenience of transactions. “The
performance of EcobankPay underscores the choice of Ecobank in bringing
digital payment solutions for safe, reliable and convenient transactions
to both customers and non- customers of the bank. The EcobankPay
channel offers a distinct advantage of supporting the three main payment
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 is instant, she noted.
In his comment, Patrick Akinwuntan, Managing Director, Ecobank Nigeria
said “we are determined to make Ecobankpay the choice for instant
digital payment in Nigeria. This payment solution was introduced by
Ecobank to create payment convenience for goods and services and also to
support the growth of businesses especially SMEs.
Further, he reiterated that “Ecobank is impressed with the significant
progress made on EcobankPay transactions, as 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 the risk of payment
rejection. Ecobank has so far set up EcobankPay Zones in over 50
locations in different parts of the country. These are digital hubs
enabling businesses within a location adopt Ecobank’s wide range of
digital products for ease of payments for goods and services. The
payment options at the zones include EcobankPay, Xpress points,
Automated Teller Machines (ATMS) and Point of Sale (PoS)”. he noted.
The EcobankPay Zone launched in February 2019 is available at various
markets across the country, notably the Alaba International markets,
International Trade Fair, Balogun Market, Saka Tinubu Market in Lagos;
Relief market Onitsha, Ariaria Market both in South East; Kofa Ruwa and
Kantin Kwari Market in Kano; Wuse and Dei-Dei Market Abuja ; Phone
Village, Port Harcourt, New Benin Market in Edo State and Main Market
Warri amongst several others.
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