Ecobank Nigeria launches MasterPass QR

Ecobank Nigeria has launched Ecobank MasterPass QR, a MasterCard global digital system that allows customers to pay for goods and services using mobile phones. The new innovative platform will also enable Micro, Small and Medium Enterprises in the country to receive digital payments from millions of customers. 

According to a statement by the lender on Sunday, the 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 phones.

The Managing Director, Ecobank Nigeria, Mr. Charles Kie, was quoted as saying, “The Ecobank Masterpass QR solution leverages smart technology that transforms mobile phones into safe and simple payment tools, and delivers services that will benefit all stakeholders in the payments ecosystem.

“This new digital platform supports the Central Bank of Nigeria’s cashless Nigeria and financial inclusion goals. Ecobank MasterPass QR will help our vital MSME sector connect more efficiently to the national and global economy.”

   

About 96 per cent of Nigerian businesses are the MSMEs. Despite the major part they play in the nation’s economy, about 98 per cent of the MSMEs still do their transactions using cash.

“Ecobank is the first to issue MasterPass in Nigeria, which reaffirms our undisputed pioneer position in bringing convenient international digital payment products to delight our customers as we were also the first to issue international MasterCard payment cards in Nigeria,” the Group Executive, Consumer Banking, Ecobank Nigeria, Mr. Patrick Akinwuntan, said.

The Deputy Managing Director, Ecobank Nigeria, Mr. Tony Okpanachi, was quoted as saying, “We are pleased to launch Ecobank MasterPass QR in Nigeria.

“Ecobank Masterpass QR will allow the Small and Medium Enterprises the freedom to grow their businesses by giving them a convenient and secure way of receiving funds. This technology allows this business segment to seamlessly leapfrog into the digital age.”

According to the lender, some merchants in Lagos have started using the MasterPass QR already, adding that more merchants across the country are expected to join very soon.