Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers.
The strategic tie-up signals interoperability on a cross border level and potentially huge gains, as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
Ecobank mVisa solutions enables customers to send money instantly to any Visa cardholder worldwide.
“We are fulfilling our commitment to give every African the right to participate effectively in the global economy at an affordable price and in a convenient manner. Ecobank Scan+Pay with mVisa helps merchants – particularly small and micro merchants – to grow their sales without the risks of carrying cash whilst also giving consumers the ability to pay for goods and services in a cashless manner from their phones. Consumers can also conduct person-to-person payments and instantly transfer money to their friends and family via their phones at very low cost,” says Ade Ayeyemi, Ecobank Chief Executive Officer.
The partnership demonstrates both Ecobank and Visa’s continued commitment to provide financial services to the banked and unbanked in Africa by leveraging digital platforms to offer convenient and affordable payment mechanisms.
“We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network – security, reliability and global acceptance, allowing consumers to make payments both domestically and internationally,” says Andrew Torre, Visa Sub-Saharan Africa President.
Patrick Akinwuntan, Ecobank Group Executive Consumer Banking, points out that the Ecobank mVisa solutions rollout significantly strengthens the banks person-to person payments capabilities.
“Bringing this added functionality on our Ecobank mobile app connects families in Africa by delivering needed funds instantly anywhere, anytime. That’s real value to our customers,” concludes Akinwuntan.