Ecobank has revealed that the upgraded version of the bank’s mobile app has attracted three million new customers in six months, taking the total number of users to four million.
The bank disclosed in a statement that 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.
It also includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.
The Group CEO, Ecobank, Mr. Ade Ayeyemi, stated that the bank’s strategic mission was 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 700,000 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 said.
“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.”
Ecobank’s Group Executive, Consumer Banking, Patrick Akinwuntan, also said the bank was 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.
