Ecobank mobile app reaches 4 million users across Africa

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The upgraded version of Ecobank’s revolutionary mobile app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million.  

The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.

Ade Ayeyemi, Ecobank Group CEO, says the company’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have typically sat outside of the formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks. Subsequently, while the app won one million customers in its first year of launch, upgraded features have seen the rate of sign-ups treble in half of the time. So far this year, app usage has been growing at an average 700k new customers per month.  

“Customers can use the app on their mobile to instantly open Ecobank Xpress Account™, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he explains. “Therefore, our app not only removes the barriers that have financially excluded so many Africans but offers next generation functionality to help them send money, make withdrawals or pay for goods and services.”

Patrick Akinwuntan, Ecobank’s Group Executive, Consumer Banking, says that Ecobank is committed to providing all Africans with access to financial services, but doing so in a way that conjoins functionality with convenient, accessible and efficient banking channels, such as the rollout of Ecobank Xpress  Point Agents.

“We want to be the digital bank of choice for all Africans,” he said.

“Functionality is one thing – giving our customers unrivalled convenience is another. The Ecobank Xpress Point Agents that can now be found in your local neighbourhood enable you to deposit money into your app-based Ecobank Xpress Account™ and begin to make digital payments on the app using Ecobankpay. You can also withdraw funds in local currency that may have been sent to you from friends or relatives using our innovative instant transfer or Xpress Cash capabilities.”

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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