Bank targets 100m customers by 2020 with Masterpass QR app

Ecobank Group has launched a mobile payment app tagged ‘Ecobank Masterpass QR’ aimed at increasing its customer base to 100 million across Africa by 2020.

Masterpass QR is the first mobile-driven, Person-to-Merchant (P2M) payment solution.

Mr Ade Ayeyemi, Group Chief Executive Officer of Ecobank, announced this on Friday at the launch of Masterpass in Lagos.

Ayeyemi said that the bank’s customer base, currently at 11 million, would increase to 100 million in 2020 with the mobile application.

He said that the application would boost the bank’s customer base in 33 countries across Africa.

“This new agreement will give Ecobank the scale and capacity to achieve its 100 million customer ambition in a profitable and sustainable way by 2020.

“The bank is creating a platform for everybody, for people who want to sell or even transfer money to make banking easy.

“Banking is not just about people on the top of pyramid but for everybody, and that is why we partnered with a range of people to make payment very easy,” Ayeyemi said.

He said that the application would address the challenge of expensive infrastructure associated with point of sale devices and eliminate the need for cash.

“This partnership will shift Africa to instant and secure digital payment solution,” he added.

Ayeyemi stated that the service would enable millions of micro, small and medium enterprises across Africa to have access to fast and secure digital payments.

Mr Charles Kie, the Managing Director, Ecobank Nigeria, said that the application would open a lot of opportunities for everybody.

Kie said that the application would make banking easy and more convenient for Ecobank customers.

Mr Daniel Monehin, Division President, Sub-Saharan Africa, Mastercard said, said that Masterpass QR would meet the needs of micro merchants in Nigeria.

“Our extended partnership with Ecobank signals one of the largest implementations of a digital payment solution in Africa, resulting in millions of previously excluded people joining the financial ecosystem,” Monehin said.

According to him, micro, small and medium enterprises across Africa contribute significantly to economic growth, creating about 80 per cent of the region’s employment.

Monehin said that the introduction of digital payment solutions such as Masterpass QR, would help these businesses to become more efficient.