Ecobank launches mVisa across 33 African Countries

Ecobank launches mVisa across 33 African Countries
Published: 02 October 2017 (848 Views)
LOME, Togo - Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers.

The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).

Ecobank Scan+Pay with mVisa delivers instant, secure cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a unique merchant identifying code into either a feature phone or smartphone. The payment goes straight from the consumer's bank account into the merchant's account and provides real-time notification to both parties. This serves to accelerate digital commerce and combat some of the challenges merchants have faced using traditional point of sale systems, including the cost of installation coupled with the requirement of electricity and internet connectivity.

Ecobank mVisa solutions also enable customers to send money instantly to any Visa cardholder worldwide. This is a major innovation that serves the need of Africans in the diaspora by enabling them to simply link their Visa card to the Ecobank unified mobile app to send money home to another Visa cardholder quickly and securely.

"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 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," said Ecobank Chief Executive Officer Ade Ayeyemi.

The partnership demonstrates both Ecobank and Visa's continued commitment to provide financial services to the banked and unbanked in Africa by leveraging digital platforms to offer convenient and affordable payment mechanisms.  

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."

Patrick Akinwuntan, Ecobank Group Executive Consumer Banking, pointed out that the Ecobank mVisa solutions rollout significantly strengthens the banks person-to person payments capabilities. "Bringing this added functionality on our Ecobank mobile app connects families in Africa by delivering needed funds instantly anywhere, anytime. That's real value to our customers," he said.

- APO

Tags: Ecobank, mVisa, banking,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Man ordered to pay Total Zimbabwe $30,000

by Staff reporter | 16 October 2018 | 9 Views

Sickness delays Mugabe ally's case

by Staff reporter | 16 October 2018 | 13 Views

UK announces big inrease in cost of its visas

by Staff reporter | 16 October 2018 | 5 Views

ZCC still want ED and Chamisa to reconcile - morbid clergy holding us back

by Patrick Guramatunhu | 16 October 2018 | 8 Views

How powerful is the Zimbabwe passport?

by CNN | 16 October 2018 | 8 Views

Meat price skyrockets by 100%

by Staff reporter | 16 October 2018 | 6 Views

Lets support the man on the ball

by Munya Shumba | 16 October 2018 | 95 Views

Seeking police clearance for jerry cans a new Mnangagwa madness

by Clr Jacob Mafume, MDC National Spokesperson | 16 October 2018 | 133 Views

Mthuli Ncube's desperate bid facing a sharp court challenge

by Staff reporter | 16 October 2018 | 104 Views

Chamisa reconfigures party structures

by Staff reporter | 16 October 2018 | 90 Views

Zanu-PF infighting takes witchcraft twist

by Staff reporter | 16 October 2018 | 170 Views

Pastor humbled by Zanu-PF readmission

by Staff reporter | 16 October 2018 | 67 Views

'Vehicle licensing to be decentralised'

by Staff reporter | 16 October 2018 | 59 Views

Undenge's fraud trial on controversial Chivayo deal fails to start

by Staff reporter | 16 October 2018 | 45 Views

Pokello parties with new love

by Staff reporter | 16 October 2018 | 34 Views

Mnangwagwa gets cholera vaccine

by Staff reporter | 16 October 2018 | 42 Views

Agricultural productivity a panacea to Zimbabwe's economic revival

by Elijah Chihota | 16 October 2018 | 51 Views

Zimbabwe has enough sugar to last 3 years

by Staff reporter | 16 October 2018 | 88 Views

Court test for Mthuli Ncube's unpopular tax

by Staff reporter | 16 October 2018 | 103 Views

Vacant Senate seats gazetted

by Staff reporter | 16 October 2018 | 87 Views

Zimbabweans rejected Mnangagwa in July, now economy rejects him too

by Stephen Jakes | 16 October 2018 | 111 Views

Minister clarifies on Mberengwa Police District Office establishment

by Stephen Jakes | 16 October 2018 | 80 Views

Mthwakazi Republic Party Warns ZANU PF Aligned Warvets

by Stephen Jakes | 16 October 2018 | 63 Views

Go Warriors Go

by Leonard Koni | 16 October 2018 | 69 Views

Foreign investment and the IMF will cripple Zimbabweans

by David Barber and Tendai Ruben Mbofana | 16 October 2018 | 83 Views

CIO competence questioned by RBZ Governor

by Staff reporter | 15 October 2018 | 352 Views

Thousands rush as Egodini offers job prospects

by Staff reporter | 15 October 2018 | 243 Views

Clashes mar distribution of presidential inputs

by Staff reporter | 15 October 2018 | 190 Views

Lobengula was King of both Matebeleland and Mashonaland

by Etiwel Mutero | 15 October 2018 | 201 Views

Mnangagwa calls forex dealers a security threat

by Staff reporter | 15 October 2018 | 193 Views

List of black market forex dealers circulating on social media

by Staff reporter | 15 October 2018 | 526 Views

Of the national flag, scarf and patriotism

by Nobleman Runyanga | 15 October 2018 | 203 Views

ZBC sues Tazzen Mandizvidza for $1m

by Staff reporter | 15 October 2018 | 230 Views