Ecobank explains innovative e-payment channels


The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, has said the introduction of various innovative electronic payment platforms by the bank is in line with its deliberate policy to provide seamless and innovative services to customers and banking public.

According to him, the e–payment system will further engender the financial inclusion strategy of the Central Bank of Nigeria (CBN) and continue to stimulate commercial activities in the nation’s economy.

Speaking in the same light recently, Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, said the various mobile payment applications being introduced by banks in the country will soon dominate the e-payment system, stating that, the payment system only requires sensitization among the banking public.

According to him, “Nigerians will embrace the culture of using the phones for payment. As with every new product, sensitization is key to speedy uptake and with every financial institution focusing on it, uptake will grow consistently in the coming years. Mobile banking is the future and we believe this will be embraced faster than any of the traditional electronic products i.e. ATM and Cards that we have today.”

He projected a steady growth in the migration to alternative channels as they become more stable and reliable with new technology, adding that, stakeholders are committed to addressing the emerging challenges in the various channels to ensure general acceptability.

“The issues particularly PoS have been well documented such as no uniformity in transaction charge, high transaction cost against a slim margin, connectivity etc. this is being reviewed by stakeholders to find a lasting solution that will engender inclusion.”

Only recently, Ecobank introduced Ecobank Masterpass QR, which makes electronic payments safe, simple and smart. It improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology.

Users of Ecobank’s mobile banking platform can safely pay for online and in-store purchases by scanning a Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones. Shoppers don’t need to carry cash or their physical bank cards – rather they can make fast, safe and simple digital payments using Ecobank Masterpass QR via their mobile banking app on their mobile device anywhere that Masterpass QR is accepted.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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