Ecobank in its financial inclusion drive to address the needs of the unbanked and the general populace has introduced Xpress Cash functionality as part of its upgraded mobile banking app. The application is aimed at transforming a mobile phone into an all-in-one bank account and payment/cash withdrawal tool. Xpress Cash the bank said allows customers to withdraw cash from any Ecobank ATM using e-Tokens generated from the Ecobank Mobile app. The e-token generated can also be redeemed at agent locations within any of Ecobank’s 33 territories across middle Africa. Additionally, customers can send e-tokens to third parties via SMS, email or social media. Ecobank CEO Ade Ayeyemi said “Innovating for customer convenience is in our DNA at Ecobank. We have developed this fast, convenient and innovative mobile banking solution – cardless Xpress Cash at our ATMs and Agencies to embed our digital platforms within the lifestyle of our customers and improve the uptake of digital financial solutions by both banked and unbanked in Africa.” World Bank data indicates that in Sub-Saharan Africa only 34 per cent of adults had a bank account in 2014, up from 24 per cent in 2011. However according to the GSMA report – The Mobile Economy Sub-Saharan Africa 2017, at the end of 2016, there were 420 million unique mobile subscribers in Sub-Saharan Africa. This accounts for almost 10 per cent of the global mobile subscriber base, and is expected to exponentially grow. “Ecobank is known across Africa for leveraging the mobile phone to deliver instant bank accounts, transfers and payments to our customers. We are taking this to another level by giving our customers the opportunity to withdraw cash on our ATMs using their phones. What this means is that your phone is your access to cash. It is your bank in your pocket. That’s powerful. That’s freedom. That’s inclusion for all.” said Patrick Akinwuntan, Ecobank’s Group Executive for Consumer Banking.
African lender Ecobank has added cardless banking functionality to its mobile app, enabling customers to use their phones to make digital payments, withdraw cash from ATMs and manage their accounts. Xpress Cash is aimed at attracting new savers, including unbanked Africans, said CEO Ade Ayeyemi. World Bank data from 2014 indicates 33 of sub-Saharan African adults held bank accounts. The app means "your phone is your access to cash", said Patrick Akinwuntan, group executive for consumer banking. "It is your bank in your pocket. That’s inclusion for all.”