Ecobank Group has launched a mobile payment app tagged ‘Ecobank Masterpass QR’ with a strategic target at increasing customer base to 100 million across Africa by 2020.
The group said Masterpass QR is the first mobile-driven, Person-to-Merchant (P2M) payment solution.
Chief Executive Officer of Ecobank, Mr. Ade Ayeyemi who announced this Friday at the launch of Masterpass in Lagos, said the bank’s customer base, currently at 11 million, would increase to 100 million in 2020 with the mobile application.
He said that the application would boost the bank’s customer base in 33 countries across Africa.
“This new agreement will give Ecobank the scale and capacity to achieve its 100 million customer ambition in a profitable and sustainable way by 2020.
“The bank is creating a platform for everybody, for people who want to sell or even transfer money to make banking easy.
“Banking is not just about people on the top of pyramid but for everybody, and that is why we partnered with a range of people to make payment very easy.”
He said that the application would address the challenge of expensive infrastructure associated with point of sale devices and eliminate the need for cash.
“This partnership will shift Africa to instant and secure digital payment solution.”
Ayeyemi stated that the service would enable millions of micro, small and medium enterprises across Africa to have access to fast and secure digital payments.
The Managing Director, Ecobank Nigeria, Mr. Charles Kie, said that the application would open a lot of opportunities for everybody.
Kie said that the application would make banking easy and more convenient for Ecobank customers.
The Division President, Sub-Saharan Africa, Mastercard, Mr. Daniel Monehin, said that Masterpass QR would meet the needs of micro merchants in Nigeria.
According to him, “Our extended partnership with Ecobank signals one of the largest implementations of a digital payment solution in Africa, resulting in millions of previously excluded people joining the financial ecosystem.”
Monehin added further that said that micro, small and medium enterprises across Africa contribute significantly to economic growth, creating about 80 per cent of the region’s employment.
He added that with digital payment solutions such as Masterpass QR, running businesses would become more efficient and seamless.
