Re­duced bank charges’ll en­hance fi­nan­cial in­clu­sion –Ecobank MD

The Punch - - MONEY - Nike Popoola

The Man­ag­ing Di­rec­tor, Ecobank Nige­ria, Patrick Ak­in­wun­tan, says the Cen­tral Bank of Nige­ria’s re­cent direc­tive on the re­duc­tion of bank charges will help to drive fi­nan­cial in­clu­sion.

In a state­ment by the bank, Ak­in­wun­tan said Ecobank had com­plied with the CBN’S direc­tive and com­mended the reg­u­la­tor for tak­ing bold steps to strengthen the fi­nan­cial in­clu­sion drive in the coun­try.

he called for the stake­hold­ers’ buy-in to make bank­ing more af­ford­able and ac­ces­si­ble to ev­ery­one.

he noted that lower charges would en­cour­age the un­banked to adopt struc­tured fi­nan­cial ser­vices, thereby driv­ing fi­nan­cial in­clu­sion and eco­nomic growth.

Ecobank had been at the fore­front of the cam­paign for in­clu­sive and af­ford­able bank­ing, the state­ment added.

“Any­one, re­gard­less of their so­cial class, can open the Ecobank Xpress Ac­count with zero naira, from any phone type,” it stated.

In his new year mes­sage to cus­tomers, Ak­in­wun­tan stated, “Our re­moval of session charges on Ecobank *326# well ahead of the re­cent down­ward re­view of charges on dig­i­tal trans­ac­tions by the Cen­tral Bank of Nige­ria fur­ther demon­strates our com­mit­ment to de­liv­er­ing more ser­vice to our cus­tomers, mak­ing bank­ing with Ecobank more de­light­ful in the new year and beyond.”

The bank said it of­fered

Ecobank­pay, a cash­less easyto-make-pay­ment ser­vice, at over 100,000 mer­chant lo­ca­tions in over 50 mar­kets in Nige­ria.

It stated that Ecobank’s pro­pri­etary money trans­fer ser­vice, Rapid­trans­fer, of­fered

Africans liv­ing abroad the op­tion of send­ing money home to their loved ones at min­i­mal fees rel­a­tive to com­pe­ti­tion.

Ecobank Xpress Point Agents, it added, had also been de­ployed by the bank to bring bank­ing to ev­ery neigh­bour­hood in Nige­ria.

“At the cor­po­rate level, Ecobank Online, Ecobank OMNIPLUS and Ecobank OMNILITE pro­vide easy pay­ment and col­lec­tion ser­vices to cus­tomers,” the bank said.

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