The Ecobank Group
and Semoa a Fintech-based in Lome are enabling mobile money
users in Togo to carry out banking faster and easier, across West
African Economic and Monetary Union (WAEMU) through a new digital banking
service via Whatsapp called "Express cash by Semoa".
Group, whose network covers 35 countries across Africa, is the first bank to
integrate this type of service at its ATMs and Express Point Agency
locations. Customers simply send a Whatsapp message - which means the service
is available 24/7 - to Semoa's BOT called Dede to request for tokens for
withdrawals, payment of bills or money transfer to friends and relatives in
Togo and across the WAEMU region.
Semoa's development of the API - the application programming interface which
allows apps to talk to each other - is creating the next generation digital
customer experience and further validating the Ecobank Group as one of the
innovative leaders of Open Banking in Africa. By leveraging this technology,
the Ecobank Group is providing a bridge between the digital and cash economy.
This allows unbanked merchants and traders to accept and make payments
digitally thereby accelerating financial inclusion.
Edem Adjamagbo, CEO and founder of SEMOA during the launch of this new
innovative service said: "Xpress
Cash by SEMOA- whereby Ecobank enables its cutting-edge infrastructure with
SEMOA's secured online services, is the perfect example of a true partnership
in financial innovation with the potential to change the lives of many in
West Africa. Indeed, the fact that people with no bank accounts, or credit
cards, can now cash out their mobile money directly out of Ecobank ATMs and
Xpress Points throughout the WAEMU region is a game changer that will help
foster financial inclusion".
the Ecobank Group's Senior fintech adviser said: 'As digital banking becomes increasingly important, the
Ecobank Group is joining the growing number of banks, card companies and
payment service providers around the world using developers like Semoa, one
of the most prominent fintechs in Africa, to enhance customer experience.
Made more accessible by Open Banking, which provides secure access to the
Bank's data, fintechs develop systems which issue commands via APIs to third
parties, creating a seamless service for customers to perform their
transactions and track their finances in one place.'
The success of the new wallet service is made possible by Semoa's ability to
test connectivity, authentication, and authorisation of customers' transactions before the new service went live through Ecobank's Sandbox.
Furthermore, the income generated by the service is being split equally
between the Ecobank and Semoa, creating great business opportunities for
other fintechs. As a result, the Ecobank Group is encouraging other financial
technology companies to access its Sandbox API to develop more innovative and
Register for Sandbox access on the Ecobank Group's API website at https://bit.ly/3AEkyov.
Ecobank Nigeria To Launch
Bespoke Women Empowerment Initiative, Ellevate
Ecobank Group Named 2021
African SME Bank of the Year
Ecobank Nigeria Promotes over
600 Staff; Recruits New Employees
Ecobank Partners Linda
Ikeji's Selfmade Woman Conference Ecobank Nigeria Appoints New
Head of Marketing and Corporate Communications
Ecobank Rewards Xpress Point
Agents, As Locations Hit 30,000 Nationwide
Ecobank Set To Host 2nd
AgriBusiness and Food Security Summit
Ecobank Dedicates N100
Billion to MSMEs Funding
Ecobank Partners Lagos State
Employment Trust Fund To Support MSMEs In Lagos State
AUDA-NEPAD and Ecobank Group
Partnership Moves to Finance Phase Under the 100,000 MSMEs Initiative
10. Ecobank Partners Vanguard
Economic Forum Series, Convenes MSME Finance Summit
11. Ecobank Partners NiDCOM to
Mobilise Nigerians Abroad for National Development