COVID 19 Rebound: We are building Entrepreneurs and supporting financial Inclusion through Xpress Point Agents – Ecobank

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers, but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
Download logo

Ecobank Nigeria has reiterated that its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria. The Ecobank Xpress Point enables eligible Agents to carry out financial transactions on behalf of Ecobank (www.Ecobank.com) and earn commission on every transaction processed. The consumer experience is very good as customers can do simple deposit, payment and transfers in their own neighbourhood rather than travel for hours to a bank branch. Ecobank Xpress Points is also a channel that can be used for the deployment of national social intervention programmes of the Government.

The aim of the Xpress Point is to let every Nigerian and household have access to Ecobank services within their neoghbourhood to provide easy banking services. 

Speaking in Lagos, Nike Kolawole, Head, Agency Banking, Ecobank Nigeria, said unemployed and retired persons should avail themselves the opportunity to earn extra income by keying into services offered by the bank as Xpress point agents. According to her, the Ecobank Xpress point which are in various neighbourhoods across the country, are well positioned to facilitate basic financial transactions, with the process and services simplified to attend to a broad spectrum of the society.

She further disclosed that agency banking in general, brings about economic and youth empowerment by way of job creation and earning extra income, adding that small savers can easily do their savings at home or near their home. This leads to financial inclusion of the underbanked in the country.

For now, Ecobank has over 43,000 agents across Africa. The agents carry out financial transactions on behalf of Ecobank and earn commission per transaction processed. Xpress Points can also be used as a channel for the deployment of national social intervention programmes, especially at this time that we are fighting the impact of lockdowns due to the COVID-19.”

Kolawole listed the services offered by the Xpress point agents as; cash in, cash out, fund transfer, bills payment, airtime recharge, remittance and account opening, among others. She added that the services are available for “sole proprietors, partnerships, co-operative societies, microfinance banks, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair saloon and others.”

Ecobank boasts of a bouquet of digital channels comprising solutions aimed at delivering convenient, accessible and reliable financial services. For instance, users of the bank’s USSD code, *326# carry out transactions without paying session charges. The USSD platform, *326#, makes it possible to open an Xpress account and Xpress Save account instantly. The bank’s mobile banking app, Ecobank Mobile offers the option of generating a virtual card; this comes in handy as customers are continually turning to web payments for their shopping and payments. The Ecobank virtual card offers the flexibility and convenience of creating a shopping card that is not linked to a customer’s account but is fully capable of carrying out online payments. The virtual card can also be shared with loved ones as a gift card for their own shopping.

Distributed by APO Group on behalf of Ecobank.

Media Contact: Austen Osokpor Media Relations / Sponsorships Ecobank Nigeria Ltd Email: [email protected] Tel.: 08023877699

About Ecobank [Name of the affiliate]: Ecobank Nigeria Limited is a subsidiary of the Ecobank Group (www.Ecobank.com), the leading independent pan-African banking group. The Ecobank Group employs over 15,000 people and serves about 20 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking licence in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.

For further information, please visit www.Ecobank.com

Related Content

Rwanda leverages on technology in the fight against COVID-19

Rwanda Biomedical Centre has established a new Covid-19 testing laboratory in Rubavu district with capacity of running 400 Covid-19 samples per day to help contain the pandemic in the area. This is the second testing lab established in Western Province after Rusizi District with capacity of running 500 samples per day. CNBC Africa's Fiona Muthoni had a conversation with Dr. Nsanzimana Sabin, Director General of RBC.

ARC rolls out disaster insurance for Zimbabwe & Madagascar

Lesley Ndlovu, CEO of the ARC joins CNBC Africa for more.

West African consumer sentiment drops sharply as COVID-19 crisis deepens

Global data analytics company; Nielsen, says the COVID-19 pandemic has led to a sharp drop in consumer sentiment in West Africa in the second quarter of the year. Ged Nooy, Managing Director at Nielsen Nigeria joins CNBC Africa for more.

AfDB forecasts Africa’s growth in 2021

Updated forecasts from the African Development Bank show that Africa’s growth is expected to rebound to 3 per cent by 2021 from a 3.4 per cent contraction in 2020 in the worst-case-scenario. Hanan Morsy, Director for Macroeconomic Forecasting and Research at the AfDB joins CNBC Africa for more.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Does the Competition Competition have capacity to clamp down on COVID-19 profiteering?

As South Africa sees a surge in COVID-19 infections, consumers are increasingly faced with overpriced products on the shelves. The Competition Commission continues to receive complaints, from customers who are already feeling the pinch. The question is, does the Competition Competition have the capacity to clamp down on price gouging? Joining CNBC Africa for this discussion is Makgale Mohlala, Head of Cartels at the Competition Commission and Shawn van der Meulen, Partner at Webber Wentzel.

Uganda’s central bank may cap commercial bank interest rates

KAMPALA (Reuters) - Uganda’s central Bank (BoU) has threatened to cap the interest that commercial banks can charge borrowers, after the industry...

Jambojet set to resume domestic flights on July 15

Jambojet gears up for local flight resumption; lower oil imports and higher tea exports spell current account improvement and the Central Bank invites bids for millions in treasury bonds. Journalist, Joseph Bonyo joins CNBC Afric for more.

Chamber launches business clinics to support women-led businesses

Rwanda’s women entrepreneurs arm under the private sector federation body has launched a series of business clinics with the aim of supporting women-led businesses affected by the Covid-19 pandemic. CNBC Africa spoke to Agnes Samputu, Executive Director of the Rwanda Chamber of Women Entrepreneurs for more.

Partner Content

Maktech’s Godwin Makyao: Now Is A Time of Entrepreneurial Opportunity in East Africa

As an executive decision-maker in both the telecommunications and tourism industries, Godwin Makyao could not have experienced a more diverse set of...

Sanlam launches urgent job-preservation initiative in response to COVID-19

Sanlam Investments is responding to the COVID-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to...

Trending Now

Africa urged to test more as coronavirus cases exceed 500,000

The African Union Commission said on Thursday it had launched a consortium for vaccine clinical trials to be headed by the Africa CDC, which aimed to secure more than 10 late stage vaccine clinical trials as early as possible.

Malawi’s new female cabinet ministers vow to push for jobs for women

Women now hold 39% of the ministerial and deputy minister roles in the cabinet appointed by Chakwera, 65, who unseated Peter Mutharika in a re-run presidential election last month, which compared to about 20% in the previous government.

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

he Nasdaq hit another record high, however, helped by gains in Amazon.com (AMZN.O), Microsoft Corp (MSFT.O) and Apple Inc (AAPL.O).

Eskom goes after contractors over R4bn Kusile over-payment

One of the power stations that were meant to be the saviour of South Africa’s power supply is causing controversy, even before it’s in full working order. In an explosive letter, Public Enterprises Minister Pravin Gordhan named contractors that he says Eskom over-paid by R4 billion, in the construction of Kusile power station. Sikonathi Mantshantsha, National Spokesperson of Eskom joins CNBC Africa for more
- Advertisement -