Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa, a system that enables their clients to directly withdraw money from their bank accounts using mobile phones.
The new system was launched on September 29, 2017 and will operate across 33 African countries.
The partnership aims at accelerating digital commerce and combat some of the challenges businesspeople have faced using traditional point of sale systems, including the cost of installation, electricity and Internet connectivity.
Both Ecobank and Visa said the move demonstrates their continued commitment to providing financial services to the banked and unbanked in Africa by leveraging digital platforms to offer convenient and affordable payment mechanisms.
“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,” said Ecobank Chief Executive Officer Ade Ayeyemi.
He also said that this system will help small and micro businesspeople grow their sales without the risks of carrying cash, while consumers will be able to pay for goods and services cashlessly with their phones.
Consumers can also conduct person-to-person payments and instantly transfer money to their friends and family via their phones at a very low cost.
“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.” said Andrew Torre, President for Visa Sub-Saharan Africa.
Patrick Akinwuntan, Ecobank Group Executive Consumer Banking, pointed out that the Ecobank mVisa solutions rollout significantly strengthens the bank’s 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,” he said.