BrandArena: Ecobank Extols CBN’s Financial Inclusion Drive, Adopts Reduced Bank Charges

Tuesday 7 January 2020

Ecobank Extols CBN’s Financial Inclusion Drive, Adopts Reduced Bank Charges

Ecobank Nigeria has complied with the Central Bank of Nigeria’s recent directive on the reduction of bank charges. The bank commended the CBN for taking bold steps to further strengthen the financial inclusion drive in the country.

It will be recalled that in October 2019, Ecobank announced the elimination of session charges on its USSD platform - *326#, months prior to the new CBN directive.  Customers using *326# for their transactions such as inter and intra bank funds transfers, bill payments, airtime top-up, balance enquiry etc. can do so at zero session fees.

Further to the removal of the session charges, Patrick Akinwuntan, Managing Director, Ecobank Nigeria, advocated stakeholder buy-in to make banking more affordable and accessible to all.  He noted that lower charges would encourage the unbanked to adopt structured financial services, thereby driving financial inclusion and economic growth. Ecobank has been at the forefront of the campaign for inclusive, affordable banking. Anyone, regardless of their social class, can open the Ecobank Xpress Account with Zero Naira, from any phone type, simply by dialing *326#. The account opening process is fully “do it yourself” without any documentation or paperwork.

The Managing Director, in his new year message to customers, stated that “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 savings to our customers, making banking with Ecobank more delightful in the new year and beyond”

In the same vein, it must be noted that Ecobank also offers EcobankPay which is a cashless easy-to-make-payment service at over 100,000 merchant locations in over 50 markets in Nigeria whilst Ecobank’s proprietary money transfer service, Rapidtransfer, offers Africans living in the diaspora the option of sending money home to their loved ones at minimal fees relative to competition. Ecobank Xpress Point Agents have 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.

Ecobank has reiterated its resolve to delight its customers better this new year by delivering exceptional service, products and solutions.

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