Customers of Ecobank Nigeria can now transfer funds by email, SMS and Whatsapp – new features available on the Bank’s Mobile App.
The bank’s Head of Consumer Banking, Olukorede Demola-Adenyi, said in Lagos that the new features are part of the bank’s innovation in digital banking by enabling customers perform their transactions conveniently.
She also spoke on the easier and more appealing interface of the Mobile App, which makes it more convenient for customers to transfer funds from their accounts with the App.
“This opportunity”, she said, “couldn’t have come at a better time when many people are self-isolating and keeping social distance due to COVID-19. We have the responsibility as a bank to continue to innovate for the benefits of our teeming customers. We encourage our customers and others to utilize this new addition to our digital self-service solutions. With this feature, a customer can transfer up to N50,000 without the beneficiary’s account number. The transfer can be initiated without the beneficiary providing an account number or deciding on which account to receive the funds into. For us as a bank, this is super convenient for money transfer.”
Mrs. Demola- Adeniyi explained the process, which enables the beneficiary to redeem the money sent in 3 simple steps:
- Receive the web link sent to his mobile number as SMS or WhatsApp message
- Click on the link to select bank and enter the account number
- Submit the request and senders account is immediately debited.
The beneficiary account, irrespective of the bank, receives the credit instantly.
She said the process is secure, convenient and funds are in local currency and do not leave the senders account until the beneficiary initiates the redemption into the destination account.
Mrs. Demola-Adeniyi called on customers yet to download the Ecobank Mobile App to do so without delay because of the attendant benefits. “The Ecobank Mobile App allows you to enjoy our banking services instantly and conveniently on your mobile device. The App provides you with an easy channel to manage your account and perform financial transactions in a simple and secured manner. The App gives you access to affordable banking services and more, wherever you are, on your mobile 24/7, 365 days a year”, she concluded.
Ecobank Group CEO
Meanwhile, Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019.
In its unaudited report submitted to the Nigeria Stock Exchange (NSE) , the pan-African bank stated that the value of its total assets now stands at N10.2 trillion, an increase of 19%.
A summary of the report showed that deposits from customers went up 23% to N7.3 trillion; total equity is up 17% to N805.1 billion; while loans and advances to customers grew by 9% to N3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion.
The bank stated that it is optimistic that with clean book after the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
