The Ecobank Group recorded an impressive US$59 billion in value of digital transactions via its Ecobank Mobile App and other digital channels across all 33 markets in just the first nine months of 2022. The figure reached US$84 billion by the close of that year.
Senior Banker and Digital Transformation Specialist at Ecobank, Elhanan Owureku Asare disclosed this during the Fintech Summit at the just-ended Mobile World Congress Africa in Kigali, Rwanda.
According to him, currently, 94% of transactions across all of Ecobank’s 33 operations go through digital, adding that the banks has seen a year-on-year growth of 44% in digital transactions over the last three years, and that is a testament to how digital finance is transforming lives and businesses in Africa.
He told Techfocus24 that the group expects to record over US$120 billion worth of transactions on its digital channels by the close of this year, and that is because Ecobank leverages national platforms across jurisdictions to ensure its digital channels are interoperable with other banks, mobile money wallets and FinTech platforms in Africa and beyond.
According to him, Ecobank has deliberately built an ecosystem on the back of strategic partnerships, that enables its customers to conveniently make digital payments across a wide range of platforms in Africa and beyond, leveraging on national payments systems that enable instant payment, where it is available, or settlements within a specific turn-around time.
“We are connected to at least 90 mobile money operators across Africa and 570 Fintechs globally. This delivers the convenience our customers need to make easy payments wherever they are in the world,” he said. “Our Africa Rapid Transfer platform also allows people to send money from Europe to any bank or mobile wallet connected to Ecobank in Africa.”
Owureku Asare said Africa presents enormous opportunities and that is why Africa remains Ecobank’s key strategy with a firm commitment to using the power of digital to support businesses and individuals in Africa to take advantage of the opportunities and grow.
Watch excerpts of Owureku Asare’s presentation at the Fintech Summit and a brief interview with Techfocus24 below.
