In February this year, Ecobank Rwanda unveiled the group’s digital strategy with the launch of the mobile application. Yet while that app is the company’s signature product when it comes to e-banking, Ecobank has a wide range of digital products for different types of customers and needs.
Ecobank’s mobile app Ecobank’s mobile application, which is available in both the Apple iOS Store and the Android Playstore, is the cherry on the cake in the company’s e-banking strategy. It brings the bank to your phone, and allows you to do any transactions you can do in a banking hall or even through internet banking. And no need to worry about the safety of your personal data, as all protection standards are complied with.
The Ecobank mobile app features include:
●Open a bank account
With the Ecobank Mobile App, you just enter your details and in an instant you have an Xpress account to send money, pay bills or buy airtime credit – all from your mobile.
With the Ecobank mobile app, you can transfer money to Ecobank account, other accounts in Rwanda or abroad and to mobile money wallets.
For those who love RapidTransfer, the Mobile App did not forget them as you can send money across africa with Rapidtransfer using the Mobile App.
●Settle bills, utilities, school fees and more
The app allows you to pay for water, electricity, pay TV, top up airtime and pay for airline tickets with select partner airlines, among others.
●Xpress Cash service (ATM withdrawals without card).
The Xpress Cash service allows customers access cash from Ecobank ATMs using e-Tokens generated from their Mobile App.
●Request a cheque you have issued or a debit/ credit card to be blocked.
Balance inquiry, mini-statement display, account statement request, locate nearest Ecobank branch / ATM, check forex rates
You are probably used to paying with your card after a family shopping or after you sip in that last coffee drink at your favorite coffee shop. But For Ecobank, your card can be transformed into an-allin- one-paying platform and from now you can start paying using your phone with this latest Ecobank QR system called the “SCAN+PAY”.
A consumer with the Mobile App will need to scan the QR (Quick Response) of his or her merchant in order to make the payment. Once you scan, the vendor immediately gets an SMS message confirming that the payment has been made to their Accounts.
“We are the only bank in Rwanda that offers this capability of using either m-Visa or Master pass with one QR code” Says Alice Kilonzo-Zulu, Managing Director Ecobank Rwanda.
This came as a solution to most of the business owners who sell goods and services that use the POS machines, as it takes about 24 hours before the vendor sees the credit in their account; with the QR code, the successful payment will instantly generate an SMS to the vendor.
This is also comes at a time when the Rwandan Government is pushing for a cashless economy.
A high educative campaign usually run by the central bank was launched earlier this month and Ecobank was on the vanguard to introduce this new way of payment by a phone.
Most of the Merchants always have issues with POS machines, Low Battery or other technical issues which consumes their time, but this is not the case with the QR codes, all you need is QR code printed on a paper or cardboard and you are good to go. This is very useful for the less banked places like markets and Taxi-motos. Soon this feature will also be available on the USSD code.
Ecobank is continuously investing in the latest internet and security technologies to help customers take control of their finances. Parts of this are some other electronic products currently available:
Internet Banking: An online platform that lets you manage your finances online & 24/7.
Cards: Ecobank ranges of cards vary from Debit to Prepaid cards with either Visa or MasterCard Option.
Ecobank Omni: A commercial and corporate digital solutions platform, this is a full integrated, multi-geography, multi-language, multi- currency platform offering a set of online cash management (Account services, Collections, Payments)
Other e-products are Mass collection solutions like Bank collect, Electronic financial supply chain (eFSC) and added on the usual SMS alerts, e-alerts and e-statements.
Ecobank Omni: This Ecobank proprietary corporate electronic banking platform facilitates accounts management in an efficient and secured manner.
It is a fully integrated, multi-geography, multilanguage, multi-currency platform, offering you a comprehensive set of online cash management services (e.g. Account Services, Payments, Collections, Liquidity Management).
It is a secure electronic banking channel providing corporate clients with a single point of access for their transaction and reporting needs.
Now keeping track of payments, receivables, liquidity, value chain and the latest insights, is available in one secure, global solution:
- Monitor cash management with greater control
- Transact more efficiently when making payments, forecasting and investing.
- Translate information into better decision-making through enterprisewide visibility of data.
- Transform the speed of your business process through electronic financial supply chain management and access to Ecobank Research
Ecobank electronic financial supply chain (eFSC): Working through Ecobank Omni, this solution is a supply chain management tool with the ability to electronically link a business to local and regional principals (large corporate, multinationals, international organizations, etc.). It creates visibility along the supply chain with the goal of your business’ working capital throughout the supply chain.
A classic electronic collection tool aimed at getting a business paid by its customers using their debit and credit cards. Ecobank’s POS do accept all Visa, MasterCard and China Union Pay and NedBank cards (if in partnership with Visa or Mastercard).
Ecobank Mobile APP or USSD: This smart, cardless, contactless, cashless innovative payment solution leveraging on mobile technology, allows someone to receive payments on their mobile, initiated by their customers on their mobile phones, but also to transfer funds and to check account statement and loans and deposits status.
An Xpress account can be opened via Ecobank Mobile App with no references required and zero account fees.
Ecobank Bank Collect: This solution is a quick and efficient receivables service that gives a business owner an easy way to mass collect money and follow all their transactions in real time.
Rapidtransfer: This solution is the only pan- African money transfer and payment service that enables entrepreneurs to send money easily and rapidly online. Rapidtransfer can be accessed on a smartphone through the downloadable Ecobank Mobile App. It can also be made at any Ecobank branch or Rapidtransfer agent.
Western Union: In addition to money transfer solution, Western Union and Ecobank have developed a new service called Account Based Money Transfer (ABMT). This innovative transfer service allows businesses to receive a Western Union mandate on their Ecobank account.
Read this article and more in issue n° 80 of Hope Magazine.