Ecobank Woos Lagos Market with Digital Payment Zone

Ecobank has launched its digital payment platform, Ecobankpay zone, at the popular Amu market, in Mushin Lagos.

The initiative, according to the bank, would deepen financial inclusion in the community and specifically, aid business transactions between merchants and clients.

Managing Director of the bank , Patrick Akinwuntan, who launched the digital payment zone, reiterated the essence of the initiative in various market clusters, across the country to facilitate easy, secure and convenient transactions in the market place, adding that it will boost business activities in the country. He informed that customers and non-customers of the bank who patronise the market would now have quick access to the bank’s digital payment offerings, that would further simplify transactions.

He said: “The bank’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD. If the person that wishes to buy goods is coming from a bank that has MVisa and wishes to pay, the same QR Code would accept MVisa payment and vice versa. That creates interoperability and convenience for the merchants. The QR Code is much cheaper than having a point of sale, PoS.

He explained that the platform is also there to support businesses to grow.

Akinwuntan added: “Traders can now enjoy more possibilities to grow their business as they can also sell to customers with EcobankPay in 32 countries in Africa. It is free to set up as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.

“ The product equally enables customers make seamless payment for goods and services across the three major payment platforms without the use of plastic cards.

For the merchants, the beauty of the EcobankPay is in the cost of setting up, as the shop owner simply prints the QR Code on a paper and can stick it anywhere and do not run any risks”, he said.

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