Ecobank Promises Cashless Economy for Liberia

Managing Director of Ecobank Liberia, Mr. George Mensah-Asante

-Introduces several digital products on the market

As competition intensifies in the banking sector, Ecobank-Liberia Limited has assured customers that the intent of the institution is to make the country a cashless economy, through the introduction of several of its new products on the market.

Some of the products introduced by the bank on Thursday, August 30, at its customers’ forum, includes OMNI, Mobile App, Ecobank Xpress Account, Scan and Pay, and MasterPass Quick Response (QR) code.

Ecobank Omni is a portal for the bank’s customers to manage corporate banking transactions and information online; while Ecobank Scan and Pay makes it possible for customers to pay for goods and services by just scanning the merchant code, importing and transacting the amount as well as the PIN, and confirming the transaction.

It is a multi-geography, multi-lingua and multi-currency platform that offers a comprehensive set of electronic banking services to enhance service delivery.

These products also allow customers to receive instant payment on mobile devices, eliminating the cost of handling physical cash.

At the bank’s 2018 customer’s forum event held in Monrovia, the managing director of Ecobank Liberia, George Mensah-Asante, who made a special statement, promised customers that the bank will improve its customer service in order to meet their demands.

Asante said the ‘Ecobank Omni Electronic Banking Platform’ is meant to make life easier for corporate clients, since it would enable them to handle multiple financial transactions electronically.

He said over the past years, the bank has launched a couple of digital products for customers’ convenience, mainly Ecobank OMNI, Mobile App, Scan and Pay, the Liberian dollar (LRD) ATM as well as other products in the country.

“Your patronage of these digital products and the feedback has enabled us to improve on them, and today most chief executives and accountants do not sign blank checks and leave them in the managing director’s office when they are traveling, because we have an OMNI product that allows you to approve every transaction irrespective of where you are,” Mr. Mensah-Asante said.

“Currently, we have about 90,000 Liberians that have signed Mobile App, and are enjoying it very well,” he said.

The Ecobank MD also used the occasion to invite the bank’s many clients to visit the globally-based store, download the Ecobank App and “start enjoying all these products that we are talking about.”

He said the objective as a bank coming up with all these products is to make banking convenient, according to Mr. Asante, “a solution is better than the problem; it allows you to concentrate on your work, and other businesses, since banking should not be cognizance, because you need all the time to concentrate on your work, while OMNI will take care of all your banking needs.”

The head of corporate and investment banking, Steve Saah Howard, said these products would offer customers an integrated cash management system that is flexible enough to accommodate varying business practices locally and across the globe.

“This is an exciting new solution from the Ecobank Group that will enhance their services to customers. It was developed as a result of feedback on the poor performance the bank received from its clients,” Howard said.

He said the bank’s new products, particularly Omni, is essentially a resource for multinationals, public corporations, international organizations, and financial institutions that do business in or with Africa, helping them maximize their local and regional opportunities.

According to Mr. Howard, Ecobank differentiates itself by offering unique, customer-focused products, and services.

He added that the bank Omni is one such well-thought-out product that is based on an in-depth understanding and anticipation of the needs of their customers.

“This is a manifestation of Ecobank’s vision to continually automate, develop and improve on our products and services, while taking full advantage of every opportunity that exists in our markets,” Howard said.

He said that the Omni product is a secure electronic banking channel that provides corporate clients with a single access for transaction and reporting needs.

“This product offers a comprehensive suite of flexible online cash management solutions, all designed to help the bank’s corporate clients increase productivity,” Howard said.

“With real-time global account access and customer setup features, you gain control over your critical finances at every level of your organization, stressing that irrespective of where you are in the world, you are able to securely keep track of your payments, receivables and liquidity.”

Mr. Howard said that they built the required security features to ensure that transactions are fully covered and protected.

“User access can be restricted to accounts and functions. We are able to replicate your approval limits on this platform based on your internal signing matrix. The platform also allows multiple payment authorizations based on account, amount and payment type,” he said.

Going through the securities, he said, the Omni security has multiple tiers of firewall, to prevent unauthorized access to your servers, including role-based security implementation, with each user configured to access particular accounts or perform specific tasks as per their designation within the company; and secure deployment of Trust Gate device provided by Identity Trust.

In several recommendations, and other feedback, customers called on the bank to improve on its new products that would allow them (customers) to use both local and foreign currencies on OMNI as well as other services introduced by the bank.

The forum was attended by different stakeholders, government officials,  non-governmental organizations, and other individual business operators.


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