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Friday, March 06, 2020 / 05:00PM / Ecobank / Header Image Credit: Ecobank
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 Nigeria 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 underbanked 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
cashflow gaps thus contributing to the national efforts to deepen financial
inclusion.
“We
announced our plans to take banking to every neighborhood 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
continentâ€. Mr 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 needsâ€
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.
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