E-Financial
EcobankPay Transactions Value Hits N2Bn
Ecobank Nigeria says over 100,000 merchants have been on-boarded on the EcobankPay platform with transaction value reaching N2 billion.
EcobankPay offers customers a multi-channel payment experience that includes Mobile QR Payment at merchant stores (mCash, Masterpass and mVisa), Merchant QR is set up via Facebook Messenger as well as USSD payment for low-income phone users.
EcobankPay is used by all businesses from small, informal micro merchants to large corporates as well as governments. It enables them to offer easy and convenient payment options to their customers in-store or online.
EcobankPay’s unique offering is such that all bank customers in Nigeria can pay with Masterpass, mVisa, and mCash with any phone by scanning the QR code or using USSD at merchant locations.
It is free to set up, as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.
Additional offerings include instant settlement of transaction with no transaction fees and it supports domestic and cross border transactions.
Announcing this development in Lagos, Carol Oyedeji, executive director, Commercial Banking, Ecobank Nigeria, said she was impressed with the level of acceptance of EcobankPay service by Nigerians. She reiterated that the digital product was introduced into the financial landscape to enhance payment and create ease and convenience of transactions.
“The performance of EcobankPay underscores the choice of Ecobank in bringing digital payment solutions for safe, reliable and convenient transactions to both customers and non- customers of the bank. The EcobankPay channel offers a distinct advantage of supporting the three main payment schemes, Masterpass, mVisa and mCash thereby broadening acceptability regardless of which Bank a client makes payment from. The QR Code is much cheaper than having a point of sale (PoS) terminal and credit to the merchant is instant, she noted.
In his comment, Patrick Akinwuntan, managing director, Ecobank Nigeria said “we are determined to make Ecobankpay the choice for instant digital payment in Nigeria. This payment solution was introduced by Ecobank to create payment convenience for goods and services and also to support the growth of businesses especially SMEs.
Further, he reiterated that “Ecobank is impressed with the significant progress made on EcobankPay transactions, as it is gradually becoming a lifestyle payment for all. The initiative is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients by eliminating the risk of payment rejection. Ecobank has so far set up EcobankPay Zones in over 50 locations in different parts of the country. These are digital hubs enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services. The payment options at the zones include EcobankPay, Xpress points, Automated Teller Machines (ATMS) and Point of Sale (PoS).”
The EcobankPay Zone launched in February 2019 is available at various markets across the country, notably the Alaba International markets, International Trade Fair, Balogun Market, Saka Tinubu Market in Lagos; Relief market Onitsha, Ariaria Market both in South East; Kofa Ruwa and Kantin Kwari Market in Kano; Wuse and Dei-Dei Market Abuja ; Phone Village, Port Harcourt, New Benin Market in Edo State and Main Market Warri amongst several others.
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
This followed a motion of urgent public importance by Marcus Onobun.
Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
PalmPay and AfriGO have announced a strategic partnership. This collaboration aims to redefine the payment landscape by issuing over 5 million AfriGO cards to Nigerians. Through this initiative, PalmPay and AfriGO are set to empower underserved communities, drive financial inclusion, and strengthen Nigeria’s digital economy.
AfriGO Card, powered by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), is a homegrown payment solution designed to bolster financial sovereignty. By leveraging AfriGO’s infrastructure, PalmPay is creating more payment options by providing solutions tailored specifically to local market needs.
PalmPay’s commitment to issuing 5 million AfriGO cards underscores its dedication to bridging the financial gap for the unbanked and underserved populations in Nigeria. The AfriGO card, built on EMVCo standards, ensures secure transactions with tokenization and contactless payment capabilities. PalmPay seamlessly integrates these features into its robust digital ecosystem, offering users a frictionless and secure payment experience.
A Commitment to Innovation and Financial Accessibility
Managing Director of PalmPay Nigeria, Chika Nwosu, expressed enthusiasm about the partnership:
“At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive. Partnering with AfriGO allows us to deliver secure, cost-effective, and localized payment options that empower Nigerians and strengthen the digital economy. This is a milestone in our mission to redefine financial accessibility in Nigeria.”
Similarly, Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited (AFSL), highlighted the broader impact of the partnership:
“We are excited to partner with PalmPay to revolutionize financial services and expand access to digital payments across Nigeria. Through this collaboration, AfriGO and PalmPay will provide enhanced access to digital payments—particularly in underserved areas—drive financial inclusion, and support the rapidly growing digital economy in Nigeria
AfriGO cards will enable users to perform seamless transactions, including physical and online purchases, ATM withdrawals, money transfers, and cashless payments via Agent POS terminals. The AfriGO Instant Settlement service ensures that merchants and agents benefit from immediate transaction finalization, leading to greater efficiency, improved cash flow, and reduced risk.”
For merchants, the AfriGO cards promise reduced transaction fees and instant settlement times, Consumers will enjoy a secure, affordable, and locally supported payment solution that enhances their daily financial interactions.
As PalmPay and AfriGO move forward with this ambitious initiative, they pave the way for fintech innovation and collaboration, fostering a more inclusive and dynamic financial ecosystem in Nigeria. This partnership underscores PalmPay’s dedication to expanding digital financial services and positioning Nigeria at the forefront of payment innovation.
EFCC Uncovers 58 Ponzi Schemes Targeting to Defraud Nigerians
Airtel Buys Back 66,089 Units of Own Shares
Reps Ask CBN to Suspend ATM Charges Hike
US Launches ‘Self-Deportation’ App to Streamline Voluntary Exits
Massive Cyberattack on X Sparks Worldwide Service Disruptions
E-Business3 days agoGBB to Train Over 300 Civil Servants on Govmail
Telecom3 days agoST Team Partner Proxy Coding School to Launch Free Tech Skills Initiative
Telecom2 days agoMTN Commits $2Bn to ITU’s Partner2Connect Initiative
E-Business2 days agoKaspersky Uncovers Sophisticated Deception Campaign using DeepSeek AI as Bait
Telecom2 days agoTelegram Introduces New Features to Address Unsolicited Messages
Broadcasting3 days agoNAFDAC’s Fight Against Counterfeit Drugs Reaches New Heights with Ibadan Raid
Telecom2 days agoMTN Nigeria Reaffirms Support for Grassroots Sports During Edo State Visit
News2 days agoIgniteher BootCamp: A Pathway to Women Empowerment and Economic Growth