Ecobank targets 700% customer growth from mobile banking

Ecobank expects its new digital banking platform to help to boost its customer base across the continent to 100 million from 13 million by 2020, it said after announcing that it had signed up 1.5 million personal accounts through the mobile app.

Ecobank has operations in nearly 40 African nations, some of which have been pressured by the commodity price slide and unfavourable currency swings that have prompted the bank to strengthen its focus on the relatively stable consumer market.

“We have brought financial services to the mobile phone … to have instant account, payment and receipt across Africa,” Ecobank’s head of consumer banking Patrick Akinwunta said on Wednesday, adding that digital operations will also reduce the company’s cost base.

Read more: Africa’s Ecobank targets strong customer growth from mobile banking| News by Country| Reuters

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