By Uchenna Ezeadigwe
The EcobankPay Zone is a digital payment hub enabling businesses within a location to adopt Ecobank’s wide range of digital products for quick and easy payments for goods and services.
The EcobankPay digital hub is a platform that makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around. Ecobank Xpress point are made available for convenient use to transact business with ease, in as much as you have your phone, you can bank with Ecobank.
Speaking at the launching of the product at Ariaria Market, the Managing Director of Ecobank Nigeria, Mr. Patrick Akinwuntan, said Ecobank is saddled with the responsibility of facilitating easy, secure and convenient transactions for traders within Ariaria and other surrounding markets.
“It is our determination to create ease of payment and boost economic activities, especially in a town like Aba, renowned for indigenous production of shoes and textiles. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear.
“The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically, aid business transactions between merchants and clients. EcobankPay’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 from you is coming from a bank that has mVisa and wishes to pay, the same QRcode would accept an mVisa payment and vice versa. That creates synergy between us and the other banks and convenience for the merchants. And as you know, the QRcode is much cheaper than having a point of sale (PoS),” he added.
However, one of the stakeholders at the event, Mr. Akinwuntan, gave an example of how the EcobankPay works by purchasing a pair of shoes from one of the traders in the market and makes payment through QR scan which the seller received alert instantly.
According to Mr. Akinwuntuan, this is unlike the traditional ways that payments, the distributor that is holding a POS needs to wait for at least, one day to get the value of the payment.
“EcobankPay enables the merchant receive credit instantly. This is very important for working capital, particularly for small businesses. EcobankPay enables easy tracking of customer’s business profiling for quick access to credit, save faster, reduces the risk of security in terms of exposure to cash or exposure to pilfering of trader’s credentials.”
Meanwhile, EcobankPay is a fresh innovative payment solution that enhances transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants.