With a growing presence in Kampala, West African financial giant Ecobank has announced that its Mobile App, a single, unified financial services application across 33 African countries, has processed 9 million transactions worth over $1 billion since launch less than 18 months ago.
A statement from Ms. Primrose Kobusingye, Ecobank Uganda head of Communications revealed that users of their mobile app are able to transfer money instantly within Ecobank locally or across Africa as the Parliamentary Avenue bank establishes itself to the growing number of financial service providers targeting mobile phone users.
“We (Ecobank) provide a unique service that is faster and more affordable than competing options. Consumers may also make transfers to other local bank accounts, mobile wallets and to Visa cardholders using Visa Direct on the Ecobank Mobile App,” Ms Kobusingye said.
Ms. Kobusingye also added that mobile banking has ensured that customers spend less time in the bank since the queues have significantly reduced.
“In Uganda alone, 29,000 customers have signed up for the Ecobank mobile banking app in the last three months bringing its total to 32,000 since the launch in Kampala,” explained Mr. Clement Dodoo, Ecobank Uganda’s Managing Director.
“This can be attributed to the appreciation of the diversity and strength of the app by the people in Uganda,” he added.
Uganda has slightly above four million bank accounts. However, the advent of mobile money has afforded more people an opportunity to access financial services.
Banks have over time been challenged to make access to financial services a priority in an era when telecom companies are eating into their market share.
The bank noted that they had processed almost as many transactions on the Ecobank Mobile App in the first few months this year as they did in the second half of 2017.
The app has over 4 million users so far in the 33 countries in Africa where Ecobank operates.