Ecobank launches Mobile App that allows you transact across 33 Countries

Ecobank Group has launched a Mobile payment App tagged ‘Ecobank Masterpass QR’  an instant and convenient way of banking via the mobile phone. It is the first mobile-driven, Person-to-Merchant payment solution and it has been deployed for use in 33 countries according to the bank.

Announcing the launch in Lagos over the weekend, The Group Chief Executive Officer of Ecobank, Mr. Ade Ayeyemi, said that the bank’s customer base, currently at 11 million, would increase to 100 million in 2020 with the mobile application.

Ayeyemi said: “ The Ecobank Mobile App opens up opportunities for customers by allowing them to shop, transact and do business without cash. At scale, this will be transformational for Africa. Through its purchasing power and Ecobank’s partnerships with Visa and Mastercard, the Ecobank Mobile App will be an accepted means of payment. With its removal of barriers to entry and affordable price points, the Ecobank Mobile App will empower the consumer to be on the move.”

He said  that the application would address the challenge of expensive infrastructure associated with point of sale devices and eliminate the need for cash. It would also enable millions of micro, small and medium enterprises across Africa to have access to fast and secure digital payments

The Managing Director, Ecobank Nigeria, Mr. Charles Kie, said ” that the application would open a lot of opportunities for everybody and would make banking easy and more convenient for Ecobank customers”.

According to the Division President, Sub-Saharan Africa, Mastercard, Mr. Daniel Monehin, “that Masterpass QR would meet the needs of micro merchants in Nigeria and our extended partnership with Ecobank signals one of the largest implementations of a digital payment solution in Africa, resulting in millions of previously excluded people joining the financial ecosystem.”

Monehin said ” that micro, small and medium enterprises across Africa contribute significantly to economic growth, creating about 80 per cent of the region’s employment.

The introduction of digital payment solutions such as Masterpass QR, would help these businesses to become more efficient. Monehin said