Business Hilights
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Ecobank using versatile digital capacity to transform MSME value chain—GMD

The new Group Managing Director of Ecobank Nigeria, Mr. Patrick Akinwuntan has disclosed that the financial group is working on a strategic template to use its wide and versatile digital capacity to transform the entire value chain for micro, small and medium enterprises (MSMEs) in Nigeria.
He noted that the drive which is now on motion is structured to engender more activities in the sub- sector leading to the overall growth of the economy.
He added that the new focus is part of the overall strategy of the Ecobank Group to deploy its products with digital appeal to support business development, saying key digital products including Omnilite and EcobankPay will join forces with Xpresspoints – which is an agency banking in the neighbourhood to grow financial inclusion and services of the bank.
According to him, “Omnilite is an Ecobank Internet banking platform that allows entrepreneurs perform transactions, payments over the Internet through the bank’s secure website. With Omnilite, customers have easy access to their account(s) from anywhere in the world; online real-time account monitoring facility; convenience of conducting banking transactions from comfort of home/office; secured online transactions; easy access to bank information and products; effective, cheaper and easier way for our customers to communicate with the bank on a 24/7 basis.”
Ecobank boss recalled that “EcobankPay is a digital QR code that enables payments using the mobile phone, without the need for a plastic card. It is really very convenient as it is a one- stop platform of Ecobank across 33 countries in Africa.
“The uniqueness of our EcobankPay is that it has MasterPass, MVisa and Mcash options with a single merchant identity for each customer to transact across the three platforms.
“Our merchants on EcobankPay have a QR code that accepts all the three. Therefore, if the person that wishes to buy goods from you is coming from a bank that has MVisa, or Mastercard or Mcash, the same QRcode would accept your funds and vice versa. That creates interoperability and convenience for the merchants and as you know, the QRcode is much cheaper than having a point of sale.”
Business Hilights recalls that Ecobank, a pan-African banking institution had been on the fore-front of championing SMEs and startups across the African continent using its massive Africa wide presence as lead advantage.