Ecobank Nigeria has
unveiled a new product offering, Xpress Save and Xpress Loan, enabling
customers to conveniently & speedily open digital savings accounts and also
obtain short-term micro-credit loans using their mobile phones through a USSD
platform, *326#.
Ecobank Xpress Save and
Xpress Loan, the first of its kind in the Nigerian market, is an online
real-time, self-service solution which is suitable for all micro-entrepreneurs,
artisans, traders, low-income earners and the entire unbanked and under banked
mass market population. The Xpress Save and Xpress Loan product is simple to
access digitally through the mobile phone and it is available 24 hours every
day of the week.
Unveiling the product in
Lagos, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan said this
innovative product is part of the bank’s overall strategy to drive financial
inclusion and make full banking truly accessible to all in Nigeria.
According to him, Xpress
Save and Xpress Loan is a digital product designed to stimulate micro-savings
in the economy and at the same time expand access for eligible customers to
obtain short term micro-credit loans to bridge cash flow gaps thus contributing
to the national efforts to deepen financial inclusion.
“We announced our plans
to take banking to every neighbourhood in Nigeria no matter how far, through
our agency banking – the Ecobank Xpress Point.
This. we have done and will continue to do until
every household in Nigeria feels our presence. Through Xpress Save and Xpress
Loan, we will empower these target households with the ability to save easily
for the rainy day and also give them access to small loans to enable them to
fund their businesses with more ease.
All these are in line
with the Ecobank Group mandate which is to contribute to the economic
development and financial integration of the African continent,” Akinwuntan
stated.
Also speaking, the Head,
Personal Banking, Ecobank Nigeria, Ayodele Osolake who gave further details
about the product noted that “Xpress Save allows mobile phone users to save
money in their digital savings accounts (Ecobank Xpress Save account) which is
opened simply and instantly through USSD code – *326#.
On the other hand,
Xpress Loan allows customers who have Ecobank Xpress Save account access short
term micro loans instantly to meet their immediate needs”. She stated that “to be eligible
for the loan, the customer needs to simply open Xpress Save account, meet Tier
1 KYC requirements and our simple credit score. The Ecobank Xpress Save and
Xpress Loan product requires no paper work and no fees are charged for
onboarding.
The product has best in class security features,
ensuring that customers’ transactions are fully protected.
