By Babajide Komolafe

The value of transactions via mobile payment rose by 200 percent to N12 billion in eleven months, reflecting efforts by banks and non-bank financial institutions to encourage Nigerian to use their phones for banking and payment transactions.

According to the Nigeria Interbank Settlement System (NIBSS), value of mobile transactions rose from N4.2 billion in 2015 to N12.2 billion at the end of November 2016. Similarly, the volume of mobile transactions grew by 224 percent to 436 million from 134.5 million within the same period.

This growth might by unconnected to recent efforts by banks to promote their mobile banking applications. These include First Bank, Ecobank and Wema Bank, as indicated in the stories and interview below.

Ecobank targets 100m customers with Mobile app and Masterpass QR

ECOBANK Plc is leveraging on its Mobile App and Masterpass QR to achieve 100 million customer base and also attain market leadership in the country.

Ecobank Nigeria recently launched Mobile App and Masterpass QR. The Ecobank Mobile App uniquely leverages the power of digital to deliver real convenience to customers.

“With our bank wide transformation efforts especially electronic payment solutions and strategy designed to boost long-term productivity of our core businesses, we are confident these efforts will position us for strong growth over the next years”, Charles Kie, Managing Director, Ecobank Nigeria, said in a statement by the bank.

“With a mere click or two on the Ecobank Mobile App, customers can open a new digital account with no paper references.

Ecobank is also the first bank to issue Masterpass QR in Nigeria, which reaffirms its undisputed pioneer position in bringing convenient international digital payments products to delight its customers as the bank is also the first to issue International MasterCard payment cards in Nigeria. Ecobank Masterpass QR, makes electronic payments safe, simple and smart.  It improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology.

Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones.

Addressing members of the public during market storm in different parts of Lagos recently, Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, said the sensitization exercise which was held in different parts of the country, is to create awareness amongst members of the public on the benefits inherent in the global digital payment platform, stressing that, the technology makes electronic payments safe, simple and smart.

According to him, the new digital platform is also in line with Central Bank of Nigeria (CBN)’s cashless policy and financial inclusion goals, adding that, with it would attract the unbanked to the financial landscape.

“I am impressed with the level of acceptance of this digital payment system since it was launched in October.   Merchants in different parts of the country have already started using it. This product will bring more people to the banking system and also revolutionize the nation’s economy within the shortest possible time,” he said.

Kuponyi further explained that customers will also be able to pay for goods and services using Ecobank Masterpass QR thereby reducing the need to carry cash or bank cards, noting that, the Bank will use its unrivalled network to give customers access to more choice with a larger range of products and services than any other bank across Africa.