Ecobank Group’s pioneering work to use digital technology tofinancially empower millions of people across Africa has been recognised for driving ‘Innovation in Banking’ at the African Banker Awards.
Organised by the African Development Bank, the annual event is highly regarded as the most prestigious award ceremony in the continent’s banking and finance sector. Ecobank triumphed against strong competition, thanks to its leading-edge efforts to transform banking in Africa and create higher levels of financial inclusion.
This includes being the first bank to introduce a pan-African card enabling customers to withdraw cash and make payments across 36 markets in Africa. The 2016 launch of the revolutionary Ecobank Mobile App, which is focused on financially empowering 100 million new customers in Africa by 2020 has resulted in more Africans gaining access to financial tools than ever before.
A critical component of this success is the landmark partnership with Mastercard announced in 2016, which has powered Ecobank Mobile app with Masterpass QR and allows consumers across 33 markets to make fast and secure payments. “As mobile phone subscription continues to soar being at the forefront of digital banking has made it possible for our customers to do nearly all of their banking without entering a brick-and-mortar branch,” said Ade Ayeyemi, Group CEO, Ecobank.
Patrick Akinwuntan, Group Executive, Consumer Banking at Ecobank, said the award served as recognition that the bank is moving in the right direction. “Millions of Africans already hold the transformative power of technology in their palms with their mobile phones – forward-thinking financial services providers need to adapt to the changing landscape in order to introduce solutions that truly meet the needs of customers and owners of businesses of all sizes.
Daniel Monehin, Division President, Sub-Saharan Africa, Mastercard said mobile payment facilitates financial inclusion and the potential for financial integration.
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