International Finance

Ecobank spearheads digital transformation in Africa

Ecobank, Africa, Rwanda, Africa Tech Summit
The bank operates in 33 African countries and offers digitised financial services at lower cost

Pan-African banking group Ecobank leads the advancements in cashless payment systems in Africa.

Nshuti Lucy Mbabazi, vice president for Ecobank Push Payments, said, “Digital technology is central to what we do at Ecobank. Technology offers us great opportunities to open up new markets, increase choice and speed delivery of services.”

The bank has helped Africans realise the benefits of mobile banking through effortless use of digital technology in financial services. Its mobile app offers services at subsidised prices for users. Ecobank is the main sponsor of Africa Tech Summit at Kigali, Rwanda—ranks the second highest in mobile use in Africa.

Dr. Edward George, head of the UK representative office of Ecobank and Group Research, said, “With around 100mn users of e-wallets, Africans account for around half (57.6%) of all mobile wallets in the world.

“However, people are often stuck in their ways—whether a market trader or top executive—and the challenge is to change the mindset and open them up to the opportunities of digital.”

Recent reports show fintech in Africa is expected to rise from US$2bn to US$3bn by 2020. Ecobank operates in 33 African countries. Using its mobile app, customers in these countries can check balance, pay bills and obtain other services.

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