Ecobank Nigeria said it is committed to partnering with the market men and women at the Alaba International Market Lagos, towards ensuring the success of their businesses.

The bank’s Chief Executive Officer, Mr Patrick Akinwuntan, disclosed this in a congratulatory message he penned in commemoration of the famous market’s 40th founding anniversary.

The nature of this partnership is such that the bank will continually offer special services to the traders in the market, including such services as the provision of innovative payment and financial solutions.

Bua group

As part of this partnership, Mr Akinwuntan stated in his message that Ecobank Nigeria has already recognised and labelled the market as an “EcobankPay Zone”. The implication of this is that anyone who patronise the market traders (both Ecobank and non-Ecobank account holders), can easily make use of the bank’s “secure” payment solutions to transact business.

“We celebrate with our esteemed traders in Alaba on this occasion of their 40th anniversary.  We treasure our long-standing relationship and want to assure them that we will continue to work tirelessly to delight them with our service and grow with them.” -Akinwuntan

Ecobank is among the top banks shifting focus to the low-income earners

One may wonder how exactly this benefits Ecobank Nigeria. After all, most of the market traders aren’t exactly among the top earners in the country. But the truth is that it does, indeed, benefit the bank.

Moreover, it has been a trend, recently, among some of the top lenders in the country, to be at the forefront of the Central Bank of Nigeria’s financial inclusion agenda.

As we reported, Zenith Bank Plc announced early last month that it would intensify effort in the area of retail banking this 2019, by lending more to SMEs and households; albeit at affordable interest rates too.

Others such as Heritage Bank and Sterling Bank Plc also indicated interests in catering more to the needs of small income groups.

This is happening as the banks are worried that financial technology firms and other money service providers may take over their market shares.

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