Ecobank has pledged to deplore its digital products to accelerate the growth of micro, small and medium enterprises in Nigeria. The products will help to transform the entire value chain of the SMEs, Patrick Akinwuntan, the Managing Director of Ecobank Nigeria, said in a statement.

Ecobank’s decision to make its digital capacity available for use is in line with the bank’s quest to support and facilitate business development, as well as tailor Ecobank’s digital platform to meet SMEs needs.

The digital products deployed to support SMEs include Omnilite which is an online internet banking platform that provides access to account(s) anywhere around the world, allowing entrepreneurs to perform transactions over the internet through the bank’s secure website, while also providing online real-time account monitoring facility.

Akinwuntan added the platform ensures

“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.”

Also among the digital products is neighbourhood agency banking, Xpresspoints and EcobankPay; a digital QR code which allows financial transaction through mobile phone without the use of an ATM (automated teller machine) card. The platform is used 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.”

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

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