Ecobank Nigeria upgrades pay infrastructure

Ecobank Nigeria has added to its stable MasterPass QR, a Mastercard global digital system that allows people to pay for services using mobile phones.

The innovative platform will also enable Micro, Small and Medium Enterprises (MSMEs) in Nigeria, to receive digital payments from millions of customers.

The product codenamed “Ecobank Masterpass QR” makes electronic payments safe, simple and smart and 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, but 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,” the bank’s Group Executive, Consumer Banking, Patrick Akinwuntan, said.

The Executive Director, Consumer Banking, Ecobank Nigeria, Tony Okpanachi, 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.”