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15.03.2017 Business & Finance

Ecobank launches MasterPassQR to deepen financial inclusion

By CitiFMonline
Ecobank launches MasterPassQR to deepen financial inclusion
LISTEN MAR 15, 2017

As part of measure aimed at deepening financial inclusion, Ecobank Ghana has launched the Ecobank MasterPass QR to its digital range of products.

The MasterPass QR was designed together with world electronic card producer, Master Card to support the bank's retail payment strategy.

Speaking at the launch of the product, the Managing Director of Ecobank Ghana Dan Sackey stated that the bank aims at providing convenient, accessible and reliable banking to its customers.

“We at Ecobank, are aware that like all things around us, your needs as clients are constantly evolving and that as a bank we must continuously change if we are to maintain relevant to you, our clients,” he noted.

He explained that the Ecobank MasterPass QR is designed to allow merchants accept payments from any mobile devices without physical Point of Sale(POS) terminals.

“This eliminates the cost of physical POS terminals and reliance on network or internet connectivity. The merchant is therefore able to have access to the payment instantly and this brings huge benefits to the merchant by eliminating the costs associated with handling cash and provides the merchant with a record of all transaction,”  he observed.

He added that the cost of travelling to the bank, and experiencing cash shortages as well as related fraud issues will be eliminated.

“As a bank we intend in the future to use the merchant sales records and volumes to support requests for financial support from merchants,” he said, adding that the move will aid government's drive at helping SMEs embrace financial inclusion.

He stated that “government in its recent budget statement indicated its intention to support activities that promote financial inclusion to cover all segments of the Ghanaian population”.

He stated that the goal can be achieved faster and efficiently through the development of a cashless economy.

He recalled that Ecobank has pursued this target by launching the Ecobank Mobile app in the past.


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