Bank launches Alaba EcobankPay zone

To deepen financial inclusion, Ecobank Nigeria, has launched the EcobankPay zone, to boost the $4 billion-worth annual business at the Alaba International Market.
 
Managing Director, Ecobank, Patrick Akinwuntan, while unveiling the product at Alaba International Market in Lagos, said the bank will continue to innovate, and deploy more payment and financial solutions to best serve traders across the country.He said the Alaba Market was designated an EcobankPay zone, so that its customers and other non-Ecobank and account holders, will experience easier, secure, and convenient ways to make pay at the market.
 
“EcobankPay’s unique offering is such that all bank customers in Nigeria can pay with MasterPass, mVISA, and mCASH with any phone by scanning the QR code or using USSD.“Traders can now enjoy more possibilities to grow their businesses, as they can also sell to customers with EcobankPay in 32 African countries.
 
“It is free to set up as the shop owner only needs his QR code and phone for notifications to start receiving quick and easy payments,” he said. EcobankPay, a special merchant QR Code product of the pan-African Bank, enables customers to make seamless payment for goods and services across the three major payment platforms without using plastic cards.
 
Explaining the uniqueness of the digital product, Ecobank said it has MasterPass, MVisa, and Mcash embedded in the merchant identity QR Code.“If the person that wishes to buy goods is coming from a bank that has MVisa and wishes to pay, the same QR Code would accept MVisa payment and vice versa. That creates interoperability and convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).” Akinwuntan added that shoppers who use the EcobankPay QR Code are treated to special discounts at selected shops in Lagos, Abuja, Port Harcourt, and Aba.