Ecobank Zambia introduced Ecobank Mobile App at the end iof May 2017 which it says will be ‘a convenient and instant way of banking via the mobile phone and is part of the Bank’s strategic plan to focus on growing its business through innovation and technology as it moves towards embracing the digital platform as the next banking frontier.’
The Ecobank Mobile App is the first unified app delivered by any institution for use in 33 countries.
A statement from the bank says the app is part of Ecobank’s digital offerings. Known as Ecobank_on, the app supports the Bank’s drive to digitalise banking in the country and across the continent. By leveraging the power of digital, Ecobank is enabling its customers, including the important merchant segment, to grow their businesses and live life with convenience as one of the Bank of Zambia’s policies to encourage electronic payments and create a cashless economy.
“Over 11.9 million people have a mobile phone in Zambia and barely 2.8 million customers have bank accounts. That is a confirmation that there are more people with cell phones in Zambia than those with bank accounts.
Rising mobile adoption gives us a glimpse of new possibilities and opportunities to better serve our customers across the country,” Kola Adeleke, Managing Director – Ecobank Zambia.
Customers with the Ecobank Mobile App can send and/or receive money to and from 32 other African countries, other than Zambia and can use the app to open a free digital account – Ecobank Xpress Account, with no references, or paperwork.
Ecobank is also the first bank in Africa to partner with Mastercard, a leader in global payments and technology, to bring its customers Masterpass QR. This new, cashless solution makes payments possible in-store and online via a mobile phone.
“The Government has been on the forefront of ensuring that our financial systems also work for the low-income populations.The Ecobank Mobile App is a solution in bridging the unbanked population gap in Zambia. The App comes with unrivalled features which will tap into the unbanked sector.
As Government, we give support to digital convenience as a means to grow the sector in the country, in line with international best banking practices. The monthly volume of Government’s payment transaction is 3,511,405 of which 65% are cash while 35% are electronic. In addition, 96% of Person to Government payment transactions is cash while 44% of Government to Person transactions is cash. Our focus is to digitalise all Government payments; and the Ecobank solution makes this a reality,” Hon. felix Mutati, Minister of Finance – Zambia.
Ecobank Zambia provides products and services through branches and 54 ATMs in Zambia. With the app, customers now have the opportunity to carry out various transactions on their phones. Ecobank recently won the award for Innovation in Banking at the 2017 prestigious African Banker Awards held on 23 rd May 2017 in India.
In Zambia, the Mobile App was launched on 30 th May 2017 by the Minister of Finance and National Planning, Felix Mutati who was represented by the Permanent Secretary, Dr. Dick Chellah Sichembe.