Pan African bank Ecobank has announced that its upgraded mobile app has attracted 3 million new customers in just 6 months since it was launched bringing the total number of customers using its mobile app to 4 million.
The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.
Ade Ayeyemi, Ecobank Group CEO says Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have typically sat outside of the formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks.
Customers can use the app on their mobile to instantly open Ecobank Xpress Account, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he explains. “Therefore, our app not only removes the barriers that have financially excluded so many Africans but offers next-generation functionality to help them send money, make withdrawals or pay for goods and services.” Said the Group Ceo Ade Ayeyemi.
Subsequently, while the app won one million customers in its first year of launch, upgraded features have seen the rate of sign-ups treble in half of the time. So far this year, app usage has been growing at an average 700k new customers per month.
The bank which has its headquarters in Lome Togo operates in 35 African countries. It entered the Kenyan market in the year 2008 after acquiring the then East African building society.
Ecobank Kenya was upgraded to a be the regional hub back in the year 2016 and countries reporting to Kenya are: Cameroon, Gabon, Equatorial Guinea, Chad, Central Africa Republic, Congo Brazzaville, the Democratic Republic of Congo, Zambia, Zimbabwe, and Mozambique.
This comes at a time when banks have been abandoning the traditional brick and mortar channel of offering services opting to use technology to reach their customers.
The Ecobank Mobile App is available for download from the Google Play Store or Apple Store.