The Ecobank mobile app upgrade has won over three million new customers within six months to bring total number user base to four million, the bank says.
Ecobank says the app builds on the core functionality of the original version adapted for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent.
These features address the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.”
“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, and therefore goes far beyond the reach of the traditional branch and ATM networks”, Ade Ayeyemi, Ecobank Group CEO says.
He says the app in its first year of launch won one million customers with upgraded features seeing the rate of sign-ups treble in half of the time.
The app can be used by customers 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.
“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,” Adeyemi says.
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