eBusiness Weekly
BH24 Reporter
HARARE – Ecobank’s upgraded mobile app has attracted 3 million new customers in just six months, taking the total number of users to 4 million.
The Ecobank Group operates EcoBank Zimbabwe locally.
According to the group, the mobile application 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.
Ecobank Group CEO Ade Ayeyemi, 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.
Subsequently, while the app acquired 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 700 000 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,” said the CEO.
“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.”
Ecobank’s group executive consumer banking Patrick Akinwuntan said the financial institution 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.
“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.”
