By Dipo Olowookere
In its quest to make electronic payments safe, simple and smart, Ecobank Nigeria has launched the Ecobank MasterPass QR, a Mastercard global digital system that allows people to pay for services using mobile phones.
Business Post learns that this new platform will enable micro, small and medium enterprises (MSMEs) in Nigeria receive digital payments from customers.
Managing Director of Ecobank Nigeria, Mr Charles Kie, disclosed that the Ecobank MasterPass QR improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology.
He explained that 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.
“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. It will help our vital MSME sector connect more efficiently to the national and global economy,” he said.
Also speaking in the same vein, Mr Tony Okpanachi, Executive Director, 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.”
According to Ecobank Group Executive Consumer Banking, Mr Patrick Akinwuntan, “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.”
It is believed that about 96 percent of Nigerian businesses are MSMEs, but despite being a major player in the Nigerian economy, about 98% of MSMEs still do their transactions using cash.
Aduragbemi Omiyale