February 22, 2021
By: Audrey R. John
ECOBANK has once again added a plus to its innovative drive in sustaining its niche as one of Sierra Leone’s finest in the drive to promote internet banking.
The Pan African Bank has launched two unique systems of easing customers stress and frustrations in banking world. The service assures swift access in settling all electricity bills, among other things.
The new products; Agency Banking and the Electricity Vending on Eco bank Mobile App were launched over the weekends Friday 19th February at the Bank’s head office on Charlotte Street in Freetown.
Members of the Hightable
The Agency Banking which is simply a business model providing an alternative distribution channel or a strategy in which retail banks use authorized agents to expand the reach of its branch network referred to Xpress Points, whiles the Electricity Vending service on Ecobank Mobile App aid customers to buy prepaid electricity.
Head of Consumer Banking Madam Isha Sheriff said the Agency Banking referred to at Ecobank, as ‘Xpress points’ is an approved Ecobank location that allows customers and would be customer to simply access banking services without traveling or coming to the banking hall.
She said one can deposit cash, make withdrawals, transfer funds, open an Xpress account, pay EDSA top and buy Airtime for your phone without the burden of traveling from long distances and waste time in congested banking halls to transact.
Madam Sheriff gave a vivid example of James who lived in Waterloo and travels to town to visit the Ecobank Head officer at Charlotte Street, will no longer do so, all he needs to know is the closest Ecobank Xpress Point to him and in this case (Camp Junction, Rich Fresh Pharmacy, he has an Ecobank Xpress Point for his convenience)
She furthered narrated that in essence, in due time, the Agency Banking will help decongest the banking hall making it easier and convenient for customers to do banking transactions.
Another benefit of Agency Banking is the creation of jobs and at the same time cash rich businesses and petty traders can diversify their business activities and generate more income.
She noted that the unbanked will be reached through the numerous registered agents and with the help of these agents; we will be able to offer our services to the large unbanked population.
“In short, the days of brick-and-mortar banking have come to an end, a revolution has taken place in banking and Ecobank is proud to be a part of that revolution, in Sierra Leone, we are proud to say that we are the amazons, the trail blazers.”
On the Electricity Vending Services on Ecobank Mobile App, she recounted back in 2018 when it all started after the launched of the Ecobank Mobile App, with an idea of making it possible for their customers to buy prepaid electricity as a value proposition to them. She noted that the service was available on the Ecobank Mobile App in 2019 but was short-lived in order to comply with relevant government agency requirements.
“Two years down the line, I am excited to announce the availability of the service on the mobile app again permanently,” she stated and expressed gratitude to the Ministry of Energy and EDSA for collaborating with the bank in making the exercise successful once more.
Madam Fatmata Zahrah, Gojikoh Baizah Investment, one of Ecobank Xpress Agent shared her experience as an agent and implored other agents to always uphold good customer relationship and maintain proper book keeping methods, which is so significant in the banking transactions.
Head of Consumer Distribution Sahr Musuyamasu, made a power point presentation that among other things illustrated the swiftness and proximity of the Agency Banking. He said the app assures financial inclusion and poses no security threat.
Launching the Agency Banking, the Chairman Board of Directors Eco bank, Mr. Christopher J. Foster said the world has changed to digitalization depicting that all and sundry must adapt to the changing trend.
Also Raymond Koroma, Eco bank Head of Finance, in launching the Electricity Vending said the bank valued it customers and saw the agony and frustrations they normally face in paying their meter bills, therefore as a way of cushioning such stress, they have decided to offer the easiest access of paying bills and purchase of electricity meter top ups at EDSA.
A short video display depicting the EDSA vending process formed the high point of the event.
