Ecobank Nigeria launches Xpress Save-Xpress Loan to deepen Financial Inclusion
Leading retail banking giant, Ecobank Nigeria has unveiled new digital two-in-one product offering, Xpress Save and Xpress Loan, enabling customers to conveniently and speedily open digital savings accounts.
Customers can access the new offerings which gives room for short-term micro credit loans using their mobile phones through a USSD platform, *326#.
Ecobank Xpress Save and Xpress Loan, the first of its kind in the Nigeria market, is an online real-time, self-service solution which is suitable for all micro entrepreneurs, artisans, traders, low income earners and the entire unbanked and underbanked mass market population. The Xpress Save and Xpress Loan product is simple to access digitally through the mobile phone and it is available 24 hours every day of the week.
Launching the new product in Lagos, the Managing Director of the bank, Mr. Patrick Akinwuntan said this innovative product is part of the bank’s overall strategy to drive financial inclusion and make full banking truly accessible to all in Nigeria.
According to him, Xpress Save and Xpress Loan is a digital product designed to stimulate micro savings in the economy and at the same time expand access for eligible customers to obtain short term micro credit loans to bridge cashflow gaps thus contributing to the national efforts to deepen financial inclusion.
Akinwuntan noted that “We announced our plans to take banking to every neighbourhood in Nigeria no matter how far, through our agency banking – the Ecobank Xpress Point. This, we have done and will continue to do until every household in Nigeria feels our presence. Through Xpress Save and Xpress Loan, we will empower these target households with the ability to save easily for the rainy day and also give them access to small loans to enable them to fund their businesses with more ease. All these are in line with the Ecobank Group mandate which is to contribute to the economic development and financial integration of the African continent.”
In her remarks, the Head, Personal Banking, Ecobank Nigeria, Ayodele Osolake gave further details about the product saying “Xpress Save allows mobile phone users to save money in their digital savings accounts (Ecobank Xpress Save account) which is opened simply and instantly through USSD code – *326#. On the other hand, Xpress Loan allows customers who have Ecobank Xpress Save account access short term micro loans instantly to meet their immediate needs”
She stated that “to be eligible for the loan the customer needs to simply open Xpress Save account, meet Tier 1 KYC requirements and our simple credit score. The Ecobank Xpress Save and Xpress Loan product requires no paper work and no fees are charged for on boarding. The product has best in class security features, ensuring that customers’ transactions are fully protected.
