Ecobank has received a US$6 million grant from the Bill & Melinda Gates Foundation to promote low-cost savings accounts in rural and poor neighborhoods in Africa.

This grant is part of the Bill & Melinda Gates Foundation's Financial Services for the Poor initiative. It will enable Ecobank to expand its banking services to a broader group of people with the goal of reaching 10 million savers in the long-term.

The project will start off with a three-year pilot in Ghana and Liberia, two of the 30 countries in Africa where Ecobank has a presence.

Ecobank will utilize multiple channels, including point-of-sale devices, cards products, retailers and third party agents. The unbanked poor and low-income customers will now be able to open savings accounts with Ecobank, make payments and also withdraw funds remotely thus minimizing the need for them to visit a physical branch.

The grant underscores both organisations' commitment to alleviate poverty in Africa. "This landmark project has a huge potential for promoting a savings culture among Africa's neglected unbanked population," says Ecobank Group Chief Executive Officer Arnold Ekpe.

The Bill & Melinda Gates Foundation works with a wide range of public and private partners to harness technology and innovation in order to bring quality, affordable savings accounts and other financial services to the doorsteps of the poor in developing countries.

The Foundation believes that setting aside small sums in a safe place allows people to guard against risks, build assets, and provide opportunities for the next generation.