Awards for Excellence 2017
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Every bank in Africa is going digital, or at least saying that it is. Ecobank’s claims were certainly not empty statements as the pan-African bank demonstrated, for example, by launching a new mobile application in 2016. Ecobank is this year’s worthy winner of best digital bank in Africa.
What made the launch extraordinary was that it happened simultaneously throughout every country in which Ecobank operates. Introduced in October 2016, the new Ecobank Mobile App is the only single unified mobile banking application to date to be deployed seamlessly across 33 countries in Africa. The new app promotes borderless banking in Africa by delivering instant, convenient and cost-effective solutions to customers around the continent.
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Ade Ayeyemi, Ecobank |
Ecobank, under its CEO Ade Ayeyemi, is the first bank in sub-Saharan Africa to offer instant funds transfer across 33 countries, all directly from a mobile device. It is also the first financial institution in sub-Saharan Africa to enable instant name matching for cross-border transfers, reducing the risk of transfers being sent to a wrong beneficiary.
The bank’s goal is to serve 100 million customers by 2020, and it is making good progress on this target thanks to its digital growth, which is important on a continent where many potential customers live a long distance from their nearest bank branch. In 2016, the bank increased its customer base by 23%, to 12.8 million. That also includes 2 million micro-entrepreneurs across the five countries where it has dedicated microfinance business.
Ecobank’s app is available in English, French, Spanish and Portuguese and allows for web chat aimed at customer support. Users can also see statements, settle bills, and pay utilities and school fees.
