Ecobank joins Visa to introduce money transfer service
October 4—Ecobank, which has 36 branches across Africa, has introduced a service allowing customers to send money instantly to any Visa cardholder worldwide. The Lome-based bank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers.
Ade Ayeyemi, the Ecobank Chief Executive Officer said, “We are fulfilling our commitment to give every African the right to participate effectively in the global economy at an affordable price and in a convenient manner.”
Ecobank Uganda customers will soon be able to take advantage of the product. The Uganda operation is a subsidiary of Ecobank Transnational and began operations in January 2009.
He said, “Ecobank Scan+Pay with mVisa helps merchants – particularly small and micro merchants – to grow their sales without the risks of carrying cash whilst also giving consumers the ability to pay for goods and services in a cashless manner from their phones. Consumers can also conduct person-to-person payments and instantly transfer money to their friends and family via their phones at very low cost.”
The new product also gives customers the ability to use their mobile phones to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
Andrew Torre, President for Visa Sub-Saharan Africa said, “We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network – security, reliability and global acceptance, allowing consumers to make payments both domestically and internationally.”