The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi has expressed delight over the level of acceptability and wide patronage of Ecobank MasterPass QR, an innovative global digital payment solution recently introduced into the nation’s financial landscape by the Bank. It would be recalled that Ecobank was the first financial institution in the country to introduce Masterpass QR.
According to Mr Okpanachi who was responding to media questions in Lagos, latest checks have revealed that thousands of wholesalers and retailers in the country have adopted the payment technology as their preferred means of receiving payments for goods and services, describing the payment system as a tool for financial inclusion and economic development.
”We are quite impressed with the level of acceptance and enthusiasm so far shown by all segments of the society. The patronage has been phenomenal. Supper shops, fuel dispensing stations, hotels, food vendors, intra-city transporters, even the popular keke mawa are not left out in adopting Ecobank Masterpass QR for their transactions. This is certainly a big plus for the Nigerian economy”, he said.
While encouraging merchants and business owners who are yet to enlist in the digital payment system, Okpanachi submitted that “business owners can increase revenue through the acceptance of mobile and digital payments, while reducing their exposure to the risks and costs of managing cash. Payment is instantaneous and guaranteed, meaning that merchants no longer need to wait days for transactions to reflect in their accounts.”
Head SME, Commercial Banking, Ecobank Nigeria, Sunkanmi Olowo, said Ecobank Masterpass QR serves the rapidly expanding needs of individuals and merchants in Nigeria and across Africa who are increasingly turning to mobile for payments. This will bring many millions quickly into an organised financial system. “It is well known fact that about 96 per cent of Nigerian businesses are MSMEs.
