12 December 2017

Nigeria: Ecobank Nigeria Unveils Digital Banking Account

Ecobank Nigeria has unveiled Ecobank Xpress Account, a digital product expected to drive financial inclusion in the country.

The Ecobank Xpress Account is a digital account that is mobile based.

It is simple and does not require any form of documentation for opening, therefore making it easy and convenient for all, while affording the customers the same services available to regular account holders.

The Ecobank Xpress Account can be opened on the Ecobank Mobile App by smartphone users and or via USSD for feature phone users.

At the unveiling ceremony in Lagos, the Managing Director, Ecobank Nigeria, Mr. Charles Kie said it was part of Ecobank's "Roadmap to Leadership Initiative," where the financial institutionis focused on becoming a force in the banking industry by leveraging its digital channels to drive financial inclusion for the un-banked in the different parts of Nigeria - urban, semi-urban and rural areas.

"The Xpress Account is an easy to open account. It requires no documentation; but just a few basic information about the customer. It can be opened on any phone and from the moment it opens, it allows to transact within the Ecobank Agency Network throughout Nigeria.

"The objective is to ensure that we on-board as many customers as possible, so that within the next five years, we expect that that the target of reaching 40 million customers would be reached.

"We believe that the more we make it easy for anyone in Nigeria to have access to that account, the better it can be for them to have access to financial services," Kie explained.

According to the Ecobank Nigeria boss, the development also supports the bank's retail strategy, saying that the fees are extremely minimal.

On her part, the Executive Director, Consumer Banking of Ecobank Nigeria, Carol Oyedeji highlighted the benefits of the account type.

They include simple account opening process without any paper documentation or stringent form of identification; ability to immediately do transactions from the account and withdraw cash through the Xpress Cash via Ecobank Automated Teller Machine (ATM) or Ecobank Agent locations.In addition, she said it would promote savings culture in the country.

Oyediji said it enables Ecobank customers withdraw cash from any of the over 1000 Ecobank ATMs without a card.

"The customer simply generates a token pin (code) that enables him or her do a card-less withdrawal from any Ecobank ATM across the country or Ecobank agent. The token (code) generated can also be sent to anybody through test message or WhatsApp and the recipient can withdraw cash from the ATM or agent," she added.

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