EcobankPay Eases Loan Access for SMEs – Ecobank MD

Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan, has stated that SMEs who embrace the EcobankPay app stand a good chance of easily accessing business loans from the bank. Akinwuntan made this known during the launch of EcobankPay Zone at Amu Market in the Mushin area of Lagos on Tuesday.

Speaking at the event with market traders, Akinwuntan explained that transaction activities on the EcobankPay can be easily monitored by the bank. This he said can also make the bank approach some performing SMEs with loan offer.

The MD who addressed the traders in Yoruba language said, “As a small business owner who uses EcobankPay, if you need loan to expand your business, we don’t need to ask you for your business or transaction records. We can see it from your everyday transactions. It makes it easier for us to grant such loans. And we can even be the one to approach you with the loan offer because we can see that your business is performing and you need to expand to make more profit.”

The event was interactive, as the traders asked questions and advised the bank on how it can serve them better. On security for Ecobank’s Xpress Point agents, Akinwuntan explained that “ that the situation at Xpress Points is cash in cash out.

As you come to deposit your money, someone else come for cash withdrawal. You can’t find much cash with the agents. We also ensure that we provide necessary support for these agents. We currently have 6,000 Xpress Point agents across the country.  And we are very strategic with the agents’ location.”

He further explained that apps in the EcobankPay Zone are developed to cater for the needs of SMEs. “Small businesses thrive on instant cash. When a customer comes to pay with the POS, it takes 24 hours for the money to reflect in your account. But with EcobankPay QR Code, you get value instantly. At our Xpress Points, you can easily make cash transactions, be it withdrawal or deposit without you visiting the bank. It’s fast, safe and secure. We have decided to come to the market and show you how this works. We are bringing banking to you right in your market and at your doorsteps. You don’t need to come to us, we come to you,” he said.