Nigeria's Ecobank takes mobile payment system nationwide
Nigeria's Ecobank has launched the Ecobank MasterPass QR mobile payments platform to create public awareness and acceptance of global, digital payment services. Adoption of such services will enable the nearly 98% of micro, small and medium enterprises that still use cash for transactions to "seamlessly leapfrog into the digital age," according to Sunkanmi Olowo, head SME/Value Chain Banking, Ecobank.

November 19, 2016/Ecobank

Lagos, November 18, 2016 – Ecobank Nigeria has embarked on sensitization exercise of mass and conventional markets of its innovative global digital payment system, MasterPass QR, which was launched in Lagos recently. The Ecobank MasterPass QR allows people to pay for services using mobile phones. It also enables micro, small and medium enterprises (MSMEs) to receive digital payments from millions of their customers.

Addressing members of the public during market storm exercise in different parts of Lagos last week, Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, said the sensitization exercise which is on-going in different parts of the country, is to create awareness amongst members of the public on the benefits inherent in the global digital payment platform, stressing that, the technology makes electronic payments safe, simple and smart. According to him, the new digital platform is also in line with Central Bank of Nigeria (CBN)’s cashless policy and financial inclusion goals, adding that it will attract the unbanked to the financial landscape.

“I am impressed with the level of acceptance of this digital payment system since it was launched in October. Some merchants in Lagos have already started using It. More merchants across the country are expected to sign up. The enthusiasm displayed by members of the public since we commenced this sensitization exercise shows that this product will bring more people to the banking system and also revolutionize the nation’s payment system within the shortest possible time,” he said.

Kuponyi further explained that customers will also be able to pay for goods and services using Ecobank Masterpass QR thereby reducing the need to carry cash or bank cards, noting that, the Bank will use its unrivalled network to give customers access to more choice with a larger range of products and services than any other bank across Africa.

Speaking in the same light, Head SME / Value Chain Banking , Commercial Banking, Sunkanmi Olowo, said the payment system enables MSME sector connect more efficiently to the national and global economy, stating that, it would grant the sub-sector a convenient and secure way of receiving funds.

“It is a well-known fact that about 96 per cent of Nigerian businesses are MSMEs. Despite the major part they play in the nation’s economy, about 98 per cent of them still do their transactions using cash. With this payment system, this business segment will be able to contribute their quota to the nation’s economy. This technology allows them to seamlessly leapfrog into the digital age,” he noted.

Ecobank Masterpass QR, makes electronic payments safe, simple and smart. It improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology. Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones. Ecobank is the first to issue Masterpass in Nigeria, which reaffirms its undisputed pioneer position in bringing convenient international digital payments products to delight its customers as the bank is also the first to issue International MasterCard payment cards in Nigeria.