Ecobank Nigeria has launched Ecobank MasterPass QR, a Mastercard global digital system that allows people to pay for services using mobile phones. The innovative new platform will also enable micro, small and medium enterprises (MSMEs) in Nigeria to receive digital payments from millions of customers.
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 Nigeria’s Managing Director, Charles Kie said, "The Ecobank Masterpass QR solution leverages smart technology that transforms mobile phones into safe and simple payment tools, and delivers services that will benefit all stakeholders in the payments ecosystem. This new digital platform supports the Central Bank of Nigeria’s Cashless Nigeria and financial inclusion goals. Ecobank Masterpass QR will help our vital MSME sector connect more efficiently to the national and global economy."
About 96 per cent of Nigerian businesses are MSMEs. Despite the major part they play in the nation’s economy, about 98% of MSMEs still do their transactions using cash.
"Ecobank is the first to issue Masterpass in Nigeria, which reaffirms our undisputed pioneer position in bringing convenient international digital payments products to delight our customers as we were also the first to issue International MasterCard payment cards in Nigeria," said Patrick Akinwuntan, Ecobank Group Executive Consumer Banking.
Tony Okpanachi, Deputy Managing Director and Head, Consumer Banking, Ecobank Nigeria, said, "We are pleased to launch Ecobank Masterpass QR in Nigeria. Ecobank Masterpass QR, will allow small and medium enterprises the freedom to grow their businesses by giving them a convenient and secure way of receiving funds. This technology allows this business segment to seamlessly leapfrog into the digital age."
Some merchants in Lagos have already started using Masterpass QR. More merchants across the country are expected to sign up.
Ecobank customers will also be able to pay for goods and services using Ecobank Masterpass QR. This will reduce the need to carry cash or bank cards.
Ecobank uses its unrivalled network to give customers access to more choice – with a larger range of products and services than any other bank across Africa.
Ecobank Group also recently launched “Move on Up”, a new fully-integrated consumer advertising campaign. Move on Up showcases Ecobank’s widest ever range of banking solutions and the many ways the bank helps consumers every day.