The digital product, which is designed to promote financial inclusion by leveraging the rising trends in mobile usage across the country, is expected to improve convenience in payment of goods.

At the launch of the digital product on the Osu Oxford Street on May 11 in Accra, the Group Executive in charge of Commercial Banking of the Ecobank Transnational Inc, Mrs Josephine Anan-Ankomah, said the payzone was a digital payment platform which enabled businesses within a location to adopt Ecobank’s wide range of digital products for ease of payments for goods and services.

She said the bank's payzone would help facilitate easy, secure and convenient transactions for merchants across the country.

“It is our determination to create ease of payment and boost economic activities most, especially in various communities and markets in Ghana.

Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear.

“The product makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around,” she said.

According to her, the initiative of the payzone was to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients.

She observed that the bank was confident of signing all their customers on the new digital platform in a bid to build a cashless economy.

How it works

The Head of Transaction Services of Ecobank Ghana, Mr Stephen Kemetse, stated that the product was a payment solution that enhanced transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants.

He stated that the product enabled merchants to receive credit instantly.

“This is very important for working capital particularly for small businesses.

“Ecobankpay enable easy tracking of customers business profiling for quick access to credit, save fast, reduce the risk of security in terms of exposure to cash or exposure to pilfering of merchant’s credentials.

“The beauty of the Ecobankpay is in the cost of setting up as the shop owner simply print the QR code on a paper and can stick it anywhere and do not run any risks,” he said.

Mobile app

The Regional Head of Consumer Banking of the bank, Mr Tara Squire, indicated that Ecobank had created a new cost-efficient branch formats that would allow its customers to pay bills, move cash and buy basic everyday items using their mobile phones.

He stated that the bank’s mobile app was an instant and convenient platform that leveraged the power of digitisation to deliver real convenience to customers and enabled them to open new digital accounts via mobile phone devices.

“The Ecobank Mobile app enables customers to make instant payments; open accounts, as well as do instant transfers across 33 countries in Africa.”