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 only a third 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. In the US, banks are also experimenting with contactless, or "near-fat" cards that can be used in conjunction with smartphones. That’s inclusion for all.”
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 only a third 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.”