Ecobank’s updated mobile banking app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million.
The new app builds on the core functionality of the original version, widely lauded as a potential game changer to tackle financial exclusion.
Ade Ayeyemi, Ecobank Group CEO, says Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have traditionally not used branch and ATM networks.
While the original app attracted one million customers in the first 12 months after launch, customer acquisition is now running at around 700,000 per month.
Adds Ayeyemi: “Customers can use the app on their mobile to open Ecobank’s Xpress Account instantly. The account has no fees, paperwork or minimum balance requirements. Customers can also send and receive money across 33 African countries
“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 does 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.
“Customers 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.