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Ecobank Nigeria has introduced a new product to enable customers conveniently and speedily open digital savings accounts and also obtain short-term micro-credit loans via a USSD platform *326# on their mobile phones.
The product, Ecobank Xpress Save and Xpress Loan which is part of the bank’s efforts at deepening financial inclusion is the first banking product that links savings and loans together in the Nigeria market.
It is basically an online real-time, self-service solution for micro-entrepreneurs, artisans, traders, low-income earners and the entire unbanked and underbanked mass market population.
The Xpress Save and Xpress Loan product are simple to access digitally through the mobile phone and it is available 24 hours every day of the week.
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan while unveiling the products said the innovative product is parts of the bank’s overall strategy to drive financial inclusion and make full banking truly accessible to all in Nigerians.
Ecobank Xpress Save and Xpress Loan is a digital product designed to stimulate micro-savings in the economy according to Akinwutan who noted that it also expands 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 neighbourhood 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 continent”. Mr Akinwuntan stated.
Also speaking, the Head, Personal Banking, Ecobank Nigeria, Ayodele Osolake explaining further 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 needs”
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 paperwork and no fees are charged for onboarding. The product has best in class security features, ensuring that customers’ transactions are fully protected.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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