Ecobank Nigeria has launched a new product, Ecobank Mobile
Money, with the aim of promoting Nigeria’s cash-less policy and
strengthening financial inclusion, especially in the rural and
semi-urban areas of the country.

Ecobank’s managing director, Jibril Aku, said that Ecobank
Mobile Money would reduce cash dependency levels in day to day
transactions for customers in Nigeria as they will be allowed to
use their cell phones to conduct basic financial transactions –
even if they don’t have a bank account – irrespective of the
location.

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All Ecobank branches have, reportedly, been set up to register
customers of Ecobank Mobile Money who want to carry out
transactions using their mobile phones.

“As we all know, mobile money services have huge potential in
markets where mobile penetration vastly outpaces the number of
people with bank account. This is the clear case in Nigeria today
as we have available over 90m cell phone users, both the banked and
unbanked.

“There is therefore an urgent need to offer an affordable, but
convenient, solution to money transfer services. Ecobank Mobile
Money aims at bridging the gap between the banked and unbanked
Nigerians and can be used by both account and non-account holders
of the bank,” said Aku.

Aku further added that Ecobank is focusing on
expanding its network through retail agents as well while
attempting to reach into communities where customers live.

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Ecobank is the fourth largest lender in Africa
by total revenue and is present in more countries in Africa than
any other bank in the world. The Ecobank Group has over 24,200
employees.