Ecobank’s Xpress Cash cardless withdrawal solution has been integrated in the Ecobank Mobile App, and is now available in all 33 African countries where Ecobank operates. From a standing start last August, the bank has scored an instant hit with impressive early customer take-up, reports Douglas Blakey

It is the first cardless withdrawal solution in the world to be integrated in a single mobile app solution across 33 countries, 18 currencies and four major languages: English, French, Spanish and Portuguese. Ecobank is onto a winner with Xpress Cash.

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The product offers customers the ability to receive or withdraw cash from Ecobank Xpress Point agents or any Ecobank-branded ATM without a card.

Customers have the option to share an e-token with any beneficiary in the same currency of both the sender and beneficiary. This option allows for cross-border redemption of the e-token, and, says Ecobank, none of its rival banks in any of the markets where it operates have been able to offer customers this value-added proposition.

Benefits

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The Ecobank Xpress Cash product was introduced in late August 2017 to offer the following benefits:

  • 24/7 access to customer funds without a
    card through any Ecobank ATM or Xpress
    Point Agent;
  • The ability to share e-token code with
    others – ideal if you need to quickly get
    cash to friends and family;
  • Real-time remittance to any beneficiary in
    any of the countries in the same currency
    of both the sender and beneficiary, i.e. the
    CEMAC and UEMOA monetary zones
    where the currency used in all countries is
    the same;
  • Beneficiaries do not pay for this service,
    and
  • By authenticating through a random
    e-token number instead of the traditional
    card and PIN system, customers can
    retrieve cash without worrying about
    their PIN being stolen or their card being
    skimmed.

The Ecobank Xpress Cash product is available to all Ecobank Mobile App users, including holders of current and savings accounts, as well as Ecobank Xpress account holders. The primary distribution strategy for this product is through Ecobank-branded ATM terminals and Ecobank Xpress Point Agents.

With the advent of banking through mobile phone and increased mobile phone penetration across Africa, Ecobank has been successful in integrating its banking services through the Ecobank Mobile App to serve the growing needs of its customers.

The Ecobank Xpress Cash product now offers its customers without a debit card convenient access to their funds 24/7. Customers also have an option to share an e-token with any beneficiary via WhatsApp, SMS or email for redemption at any Ecobank ATM or Ecobank Xpress Point Agent.

Positive impact 

The Ecobank Mobile App, a single, unified application across 33 countries, has positively impacted these African economies by providing access to financial services to
millions of consumers.

Xpress Cash provides Ecobank Mobile App users the ability to pay anyone at any time.It enhances the value of the Ecobank Xpress Account, a KYC-lite digital-only account with over 4 million users as it gives them access to cash without the use of a card.

Ecobank Current and Savings Accountholders may also enjoy this convenience in cases where they do not have their cards with them, or if they want to send cash to a beneficiary without a financial account Xpress Cash was very successful immediately it was launched, due to the convenience it offers customers.

Within three months of the introduction, Ecobank reported that over 30,000 e-tokens had been generated, worth $1.4 million.

By year-end 2017, the total number of e-tokens generated was around 150,000, worth $6m, indicating very high patronage for a product that was only launched in late August 2017.