Lomé, Togo, 21 September 2017 – As the vanguard of financial inclusion, Ecobank 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 is the 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” commented Ecobank CEO Ade Ayeyemi. “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.”
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. However according to the GSMA report - The Mobile Economy Sub-Saharan Africa 2017, at the end of 2016, there were 420 million unique mobile subscribers in Sub-Saharan Africa. This accounts for almost 10% of the global mobile subscriber base, and is expected to exponentially grow.
“Ecobank is known across Africa for leveraging the mobile phone to deliver instant bank accounts, transfers and payments to our customers. We are taking this to another level by giving our customers the opportunity to withdraw cash on our ATMs using their phones. What this means is that your phone is your access to cash. It is your bank in your pocket. That’s powerful. That’s freedom. That’s inclusion for all.” said Patrick Akinwuntan, Ecobank’s Group Executive for Consumer Banking.
The Ecobank Mobile App 3.1 is available for download from the Google Play Store or Apple Store.
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About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’)
Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 17,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information on Ecobank can be found at www.ecobank.com.