In a region where digital transformation is reshaping financial services at breakneck speed, Ecobank Transnational has emerged as a driving force – setting the standard for how banks can combine scale, innovation and inclusion.
With a unified digital infrastructure spanning 35 sub-Saharan African markets, Ecobank’s One Bank model – centrally developing products and distributing them across its network – continues to deliver frictionless, customer-centric experiences across borders.
Digital engagement continued its upward trajectory in 2024. Ecobank recorded a 13% year-on-year increase in digital customers, reaching nearly 6.85 million users. Transactions across the bank’s digital platforms rose 18% year-on-year to exceed $114 billion in value. Growth was driven by double-digit increases across multiple digital channels, including a 26% increase in Omni Plus transactions, 30% growth on Omni Lite and 22% on its smartphone app and USSD channels.
Ecobank also enhanced its core banking infrastructure and onboarding journeys. The average time for web account opening was reduced from 24 hours to 10 minutes using straight-through processing, while the mobile app now enables automatic cardless onboarding. New self-service capabilities – such as virtual card generation – and a salary advance product on USSD extended functionality to more users. These developments were supported by real-time analytics, transaction monitoring tools such as Dynatrace, and Ecobank Assist, a digital engagement platform.
“We have focused on enabling seamless digital onboarding in all markets,” says Anup Suri, group executive, commercial and consumer banking. “We are digitising customer journeys and internal workflows, and supporting key payments and transactions services. The result is consistent, user-centred innovation that meets local needs and drives platform engagement at scale.”
With its continued investment in digital infrastructure, strategic partnerships and socially driven innovation, Ecobank is setting the standard for digital banking in Africa
Elsewhere, the bank advanced its open banking ambitions through its Banking Sandbox and the development of its Xpress Account API, allowing fintechs to test and deploy financial services such as “lite” bank account opening. It also advanced progress on its Ecobank Xpress Cash API to facilitate cash withdrawals via agency and fintech networks.
“Our vision is to be Africa’s leading financial platform – enabling fintechs, developers and corporates to build and scale on top of our infrastructure,” Suri says. “Our sandbox and Open API ecosystem have made this a reality.”
Strategic partnerships with Singapore-based financial innovators further expanded Ecobank’s reach and service provision. In November 2024, it announced a collaboration with Nium that will facilitate real-time cross-border payment capabilities for Ecobank clients in over 100 countries, while a parallel agreement with TransferTo will expand access to credit, digital tools and international payment solutions.
In cybersecurity, Ecobank implemented Hawk AI for fraud detection across its digital platforms, strengthening its defence against financial crimes and reducing false positives in transaction screening.
“Trust is non-negotiable,” says Suri. “We’ve embedded security into every digital layer, starting with Hawk AI for real-time fraud detection, and Ecobank Assist, our customer support channel. But it goes beyond technology. We’re also educating customers about fraud risks and building secure-by-design platforms. This approach allows us to innovate boldly while protecting the trust we’ve earned.”
The bank also pursued its mission to bridge the digital divide through the 2024 Ecobank Day initiative, themed “Ignite learning with AI.” More than $750,000 in digital equipment was donated and 10,000 children were trained in artificial intelligence awareness and digital literacy across Africa, supporting inclusive access to the digital economy.
“Inclusion is at the heart of our strategy,” says Suri. “We’ve moved beyond access to empowerment, by investing in financial education, youth programmes and digital literacy. Early results show more new-to-bank users, stronger engagement and higher platform usage.”
With its continued investment in digital infrastructure, strategic partnerships and socially driven innovation, Ecobank is setting the standard for digital banking in Africa – delivering scale, security and inclusion in one of the world’s fastest-growing digital markets.
