Nigeria: Ecobank adopts CBN’s reduced bank charges

Jan 08, 2020

Ecobank Nigeria has complied with the Central Bank of Nigeria’s recent directive on the reduction of bank charges.

The bank commended the CBN for taking bold steps to further strengthen the financial inclusion drive in the country.

In October 2019, Ecobank announced the elimination of session charges on its USSD platform – *326#, months prior to the new CBN directive. Customers using *326# for their transactions such as inter and intra bank funds transfers, bill payments, airtime top-up, balance enquiry etc. can do so at zero session fees.

Further to the removal of the session charges, Patrick Akinwuntan, Managing Director, Ecobank Nigeria, advocated stakeholder buy-in to make banking more affordable and accessible to all.

He noted that lower charges would encourage the unbanked to adopt structured financial services, thereby driving financial inclusion and economic growth. Ecobank has been at the forefront of the campaign for inclusive, affordable banking. Anyone, regardless of their social class, can open the Ecobank Xpress Account with Zero Naira, from any phone type, simply by dialing *326#. The account opening process is fully “do it yourself” without any documentation or paperwork.

The Managing Director, in his new year message to customers, stated that “Our removal of session charges on Ecobank *326# well ahead of the recent downward review of charges on digital transactions by the Central Bank of Nigeria further demonstrates our commitment to delivering more savings to our customers, making banking with Ecobank more delightful in the new year and beyond.”

  1. Opinions and Analysis

Calender

« August 2020 »
Mon Tue Wed Thu Fri Sat Sun
          1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31