EcobankPay records N1b in transactions value

EcobankPay, the lifestyle digital payments and collections service of Ecobank Nigeria has recorded cumulative transactions value of over N1 billion. EcobankPay offers customers a multi-channel payment experience, including Mobile QR Payment at merchant stores- mCash, Masterpass and mVisa.

Merchant QR is set up via Facebook Messenger a well as USSD payment for low-income phone users. EcobankPay is used by all businesses from small, informal micro merchants to large corporates as well as governments. It enables them to offer easy and convenient payment options to their customers in-store or online.

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 at merchant locations. It is free to set up, as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.

EcobankPay is currently available at over 90,000 multiple merchant locations across the country, additional offerings include instant settlement of transaction with no transaction fees and it supports domestic and cross border transactions.

The Executive Director, Commercial Banking, Ecobank Nigeria, Carol Oyedeji, said the current level of performance of EcobankPay underscores the choice of the bank in bringing digital payment solutions for safe, reliable and convenient transactions to both customers and non- customers of the bank.

She further added that the channel offers a distinct advantage of supporting the three main schemes, Masterpass, mVisa and mCash thereby broadening acceptability regardless of which Bank a Client makes payment from. The QR Code is much cheaper than having a point of sale (PoS) terminal and credit to the merchant is instant, she noted.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said the lender is placing Ecobankpay as the choice for instant digital payment in every part of the country. He noted that the innovative payment solution was introduced by the bank to create payment convenience for good and services and also to support the growth of businesses, including small and medium scale enterprises (SMEs) across the country.

“We are impressed with the significant progress made so far on EcobankPay transactions. It is gradually becoming a lifestyle payment for all.“The initiative is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients by eliminating risk of payment rejection. It also delivers instant value and sales, transparency for merchants and all customers” he stated.