Banking
Ecobank Assists Business Owners with Unified Digital Payment Solution
By Dipo Olowookere
One of the top lenders in Africa, Ecobank Nigeria, has introduced Africa’s first unified digital payment solution aimed to help business owners grow their customer base.
The new innovation is called Ecobank Pay and is a multi-featured digital payment solution built as a core part of Ecobank’s digital financial services ecosystem approach and will deliver unified and instant self-service across a range of interconnected payment solutions.
It can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online.
Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers to pay in-store via the Ecobank mobile app. Merchants can now also speedily sign-up for their QR merchant code via the Masterpass QR for Merchant functionality on Facebook Messenger.
As the Ecobank Pay ecosystem expands, it will unify all of Ecobank’s digital payment offerings for internet payments, eCommerce, paying bills via mobile and airtime top via mobile.
The Ecobank Pay QR offering or Unstructured Supplementary Service Data (USSD) will continue to allow customers of any bank in Nigeria or beyond, to make payments for goods and services, using their mobile banking app to Scan+Pay with MasterPass, Visa or mCash as the means of payment.
mCash allows merchants to receive payments from their customers on one single Merchant Terminal ID for both Scan+Pay and USSD through the Nigeria Inter-Bank Settlement System (NIBSS) mCash service by dialling *402#.
For Ecobank Pay Scan+Pay (via MasterPass and Visa) as well as USSD, merchants will receive instant credit on their account with Ecobank. This digital payment solution is targeted at small informal micro merchants, registered small and medium size merchant businesses, corporate and institutional merchants operating in-store or online, as well utilising the social media platform of Facebook Messenger to sign up for QR technology.
“Ecobank is committed to simplifying doing business for the people it serves, and Ecobank Pay is a payment solution channel that will make payments easier, faster, convenient and more secure,” commented Mr Charles Kie, Managing Director, Ecobank Nigeria.
“As an enhanced payment platform, it will make business cash flow easier to manage and will help to grow sales as it accepts payment from any mobile phone user at anytime and anywhere, whilst improving both convenience and the client experience. It has no initial transaction charges and is a cost-effective alternative to POS terminals as payments are directly authenticated, pushed and approved by the customers buying the goods or services, therefore limiting the risk of chargebacks or disputes.”
The clear advantages of Ecobank Pay is that everyone can use it regardless of size, and the value it brings through the digital QR code technology that will enable businesses to access more financial services and grow.
Mr Patrick Akinwuntan, Group Executive, Consumer Banking, Ecobank Transnational Incorporated, says: “The merchant receives instant credit for all transactions as opposed to the current transaction day plus one (T+1) of a POS transaction. Customers can make payment from any type of mobile phone and notification is provided through SMS, the merchant app and the merchant portal. Ecobank Pay is an innovative, cost-effective and convenient digital payment solution that will enable businesses to enjoy quick settlement, grow sales, increase customer loyalty and make it easier for them to expand into new markets.”
Mr Akintwuntan called on businesses and organisations to embrace cashless payments and calls on religious organisations, government agencies, transport companies, telecom service providers, agency banking service providers, financial payment facilitators, the hospitality, leisure and entertainment sector, e-Commerce and utility companies and all others to harness the opportunities and advantages of solutions like Ecobank Pay, which will move Nigeria and Africa into a more cashless and financially inclusive society. These, and many other business sectors, can embrace the convenience, speed and security of Ecobank’s innovative digital payment solutions.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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