Ecobank assures of innovative e-payment channels

Ecobank Nigeria has said the introduction of various innovative electronic payment (e-payment) platforms by the bank is in line with its deliberate policy to provide seamless and innovative services to customers and banking public.

The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, said 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.

Also, the 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 like Automated Teller Machine 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,” he said.