In a space of six months, Ecobank’s upgraded mobile app has attracted three million new customers, taking the total number of users to four million according to a statement released by the bank yesterday.
The app, according to Africa’s leading financial powerhouse, builds on the core functionality that saw the original version lauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by customers and prospects on the continent.
This, it stated includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.
Quoting the the Group CEO, Ecobank, Mr. Ade Ayeyemi, while reeling out some statistics said the bank’s strategic mission was built around using mobile banking to deliver innovative, efficient and cost-effective services to the unbanked outside formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks. “Subsequently, while the app won 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,” the Ecobank Chief explained.
“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.”
Adding his voice to the milestone, Ecobank’s Group Executive, Consumer Banking, Patrick Akinwuntan, spoke of Ecobank’s commitment to providing all Africans with access to financial services, in a way that conjoins functionality with convenience, accessibility and efficient banking channels, such as the rollout of Ecobank Xpress Point Agents.
“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.
“You can also withdraw funds in local currency that may have been sent to you from friends or relatives using our innovative instant transfer or Xpress Cash capabilities.”
