Ecobank extends free digital money transfers
THE INTERNA TIONAL FI NANCE CORPO RATION, a member of the World Bank Group, has announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.
The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.
Adam Nuru, FCMB’s chief executive, said, “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”
Eme Essien Lore, IFC’s country manager for Nigeria, said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19. Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”
IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.
With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.
ECOBANK HAS EX TENDED its zero charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD - Ecobank *326# will continue to enjoy zero fee charge for digital money transfers below N5,000.
A statement issued by the bank said new customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#. The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Corona virus.
The decision to extend the zero charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign targeted to check the spread of COVID-19.
According to Olukorede Demola-Adeniyi, head, consumer banking, Ecobank Nigeria, “As a bank, our priority is people’s wellbeing. We place great emphasis on rewarding and identifying with our customers and citizens of Nigeria especially at a time like this. We are determined to ensure that the impact of the pandemic is minimal on citizens.
“We encourage our customers to utilize our digital self-service solutions including Ecobank mobile app, Ecobank Online, EcobankPay, Ecobank Omniplus, Omnilite and the rapid transfer app; where they can easily access their bank accounts, make payments, transfer funds, process salaries and carry out ancillary banking transactions from the comfort of their home and offices without having to visit the branches”.
She further stated that, “At Ecobank, we are always finding ways to improve our customer experience digitally, which is why I encourage our customers to upgrade to the new Ecobank mobile app 4.0. Customers can carry out banking transactions and enjoy some of the new features that the app provides, such as the ability to send money via email or SMS and of course, take advantage of the zero charge on money transfers below N5,000”.