Connect with us

E-Financial

Ecobank Unveils Unified Digital Payment Solution

Published

on

A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria.

 

Ecobank Pay is built as a core part of Ecobank’s digital financial services ecosystem approach and will deliver unified and instant self-service across a range of interconnected payment solutions.

 

It can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online.

 

Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers to pay in-store via the Ecobank mobile app.

 

Merchants can now also speedily sign-up for their QR merchant code via the Masterpass QR for Merchant functionality on Facebook Messenger.

 

As the Ecobank Pay ecosystem expands it will unify all of Ecobank’s digital payment offerings for internet payments, eCommerce, paying bills via mobile and airtime top via mobile.

 

The Ecobank Pay QR offering, or Unstructured Supplementary Service Data (USSD), will continue to allow customers of any bank in Nigeria or beyond, to make payments for goods and services, using their mobile banking app to Scan+Pay with MasterPass, Visa or mCash as the means of payment.

 

mCash allows merchants to receive payments from their customers on one single Merchant Terminal ID for both Scan+Pay and USSD through the Nigeria Inter-Bank Settlement System (NIBSS) mCash service by dialing *402#.

 

For both Ecobank Pay Scan+Pay (via MasterPass and Visa) as well as USSD, merchants will receive instant credit on their account with Ecobank.

 

This digital payment solution is targeted at small informal micro merchants, registered small and medium size merchant businesses, corporate and institutional merchants operating in-store or online, as well utilising the social media platform of Facebook Messenger to sign up for QR technology.

 

“Ecobank is committed to simplifying doing business for the people it serves, and Ecobank Pay is a payment solution channel that will make payments easier, faster, convenient and more secure,” commented Charles Kie, Managing Director, Ecobank Nigeria.

 

“As an enhanced payment platform, it will make business cash flow easier to manage and will help to grow sales as it accepts payment from any mobile phone user at anytime and anywhere, whilst improving both convenience and the client experience. It has no initial transaction charges and is a cost-effective alternative to POS terminals as payments are directly authenticated, pushed and approved by the customers buying the goods or services, therefore limiting the risk of chargebacks or disputes.”

 

The clear advantages of Ecobank Pay is that everyone can use it regardless of size, and the value it brings through the digital QR code technology that will enable businesses to access more financial services and grow.

 

Patrick Akinwuntan, Group Executive, Consumer Banking, Ecobank Transnational Incorporated, says: “The merchant receives instant credit for all transactions as opposed to the current transaction day plus one (T+1) of a POS transaction. Customers can make payment from any type of mobile phone and notification is provided through SMS, the merchant app and the merchant portal. Ecobank Pay is an innovative, cost-effective and convenient digital payment solution that will enable businesses to enjoy quick settlement, grow sales, increase customer loyalty and make it easier for them to expand into new markets.”

 

Mr. Akintwuntan calls on businesses and organisations to embrace cashless payments and calls on religious organisations, government agencies, transport companies, telecom service providers, agency banking service providers, financial payment facilitators, the hospitality, leisure and entertainment sector, e-Commerce and utility companies and all others to harness the opportunities and advantages of solutions like Ecobank Pay, which will move Nigeria and Africa into a more cashless and financially inclusive society. These, and many other business sectors, can embrace the convenience, speed and security of Ecobank’s innovative digital payment solutions.

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Global Heists on ATM Machines Imminent- FBI

Published

on

America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

Continue Reading

E-Financial

Oradian, ANMFIN Unveil New Cloud-based Microfinance Solution

Published

on

As part of their shared mission to boost financial inclusion throughout Nigeria, Oradian and the Association of Non-Bank Microfinance Institution of Nigeria (ANMFIN) have launched a strategic partnership.

Princess Adesola Ogunleye, the President of ANMFIN, commented on the partnership saying, “We are extremely pleased to partner with Oradian. Together we align our shared vision and leverage the success delivered to date.

The partnership will enable all of our MFIs to move to Oradian’s cloud-based solution, helping our members to save time and money through more efficient, digitised processes – no more manual input of data. We and our members are very excited to improve administrative process, reduce high operational costs and offer digital financial services across the country.”

Launching ANMFIN Cloud Express expands the range of solutions that Oradian offers in Nigeria. As stated by Antonio Separovic, CEO of Oradian, “Nigeria was Oradian’s first market when we started Oradian six years ago and we remain committed to solving the financial inclusion challenge here. This partnership is a long-term partnership that is an important step towards this goal”.

The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale by using ANMFIN Cloud Express, a core banking system specially built for ANMFIN and its microfinance institution (MFI) members.

ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions (MFIs) to benefit from a cloud-based solution.

According to Oradian’s Programme Director for Africa Onyeka Adibeli, “ANMFIN Cloud Express enhances MFIs’ ability to manage all operations including client relationships, transactions, portfolio management and reporting in the same way that large banks do – but at a fraction of the cost.

We are removing the barriers that prevent MFIs from using the right technology to serve their clients and to strengthen their operations.”

With a cost and a system tailored for the needs of smaller MFIs, Oradian’s partnership with ANMFIN enables more financial institutions to take advantage of technology to become more efficient, grow and reach more unbanked individuals in rural communities.

Continue Reading

E-Financial

CBN Boosts Foreign Exchange with $210m

Published

on

The Central Bank of Nigeria has sustained its intervention in the inter-bank foreign exchange market by injecting 210 million dollars into the various segments of the market.

 

Mr Isaac Okorafor, Acting Director, Corporate Communications, CBN,  on Tuesday in Abuja, said the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.

 

Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

 

The CBN spokesman said the the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

 

He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

 

Okoroafor reiterated, in a statement, that the steps taken by the CBN in foreign exchange management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

 

It will be recalled that the CBN on Aug. 10, intervened in the Retail Secondary Market Intervention Sales to the tune of 327 million dollars in the agricultural and raw materials and 69 million Chinese Yuan in the spot and short-tenored forwards.

 

Meanwhile, the naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360 to a dollar in the Bureau De Change segment of the market.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.