Ecobank Unveils Unified Digital Payment Solution


A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria, the bank has disclosed.

According to a statement from the bank, the payment solution was built as a core part of its digital financial services ecosystem approach and was expected to deliver unified and instant self-service across a range of interconnected payment solutions.

“It can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online.

“Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers to pay in-store via the Ecobank mobile app. Merchants can now also speedily sign-up for their QR merchant code via the Masterpass QR for Merchant functionality on Facebook Messenger,” it explained.

Commenting on the initiative, the Managing Director, Ecobank Nigeria, Mr. Charles Kie said: “Ecobank is committed to simplifying doing business for the people it serves, and Ecobank Pay is a payment solution channel that will make payments easier, faster, convenient and more secure.

“As an enhanced payment platform, it will make business cash flow easier to manage and will help to grow sales as it accepts payment from any mobile phone user at anytime and anywhere, whilst improving both convenience and the client experience.

“It has no initial transaction charges and is a cost-effective alternative to POS terminals as payments are directly authenticated, pushed and approved by the customers buying the goods or services, therefore limiting the risk of chargebacks or disputes.”

On his part, the Group Executive, Consumer Banking, Ecobank Transnational Incorporated, Patrick Akinwuntan explained that a merchant receives instant credit for all transactions as opposed to the current transaction day plus one (T+1) of a POS transaction on this platform.

“Customers can make payment from any type of mobile phone and notification is provided through SMS, the merchant app and the merchant portal, ” he added.