Ecobank eyes mobile apps to cut costs

What you need to know:

  • Group head of research and UK representative Edward George said financial technology (fintech) has changed the game when it comes to financial inclusion and how to meet the unmet financial demand in Africa.
  • Speaking on the sidelines of the East Africa Trade and Commodity Finance Conference in Nairobi, he said through the mobile app Ecobank has been able to remove barriers that financially exclude many people.

Ecobank is banking on mobile apps to grow business and cut costs as it develops low-cost and easily accessible services.

Group head of research and UK representative Edward George said financial technology (fintech) has changed the game when it comes to financial inclusion and how to meet the unmet financial demand in Africa.

Speaking on the sidelines of the East Africa Trade and Commodity Finance Conference in Nairobi, he said through the mobile app Ecobank has been able to remove barriers that financially exclude many people.

Exclusion arises from lack of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.

“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,” said Mr George.