BusinessDay 13 April 2018
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Friday <strong>13</strong> <strong>April</strong> <strong>2018</strong> C002D5556 BUSINESS DAY 15<br />
FINTECH<br />
News Products Review Technology Review Personality Review Company Review<br />
PRODUCTS REVIEW<br />
Ecobank Mobile app sees 9m transactions in 18 months<br />
Stories by FRANK ELEANYA<br />
Customers in 33<br />
African countries<br />
have processed<br />
nine million<br />
transactions<br />
worth over $1 billion using the<br />
Ecobank Mobile Application.<br />
In an announcement sent<br />
to <strong>BusinessDay</strong> on Monday,<br />
9 <strong>April</strong>, Ecobank said the<br />
achievement is coming barely<br />
eighteen months of the unveiling<br />
of the app.<br />
According to the company,<br />
about 4 million Ecobank<br />
Xpress accounts has been<br />
opened across the Ecobank<br />
Mobile App and USSD platforms.<br />
The Ecobank Mobile App<br />
enables users to transfer money<br />
instantly within the bank<br />
locally or across Africa using a<br />
feature known as the Ecobank<br />
RapidTransfer.<br />
“Consumers may also<br />
make transfers to other local<br />
bank accounts, mobile wallets<br />
and to Visa cardholders using<br />
Visa Direct on the Ecobank<br />
Mobile App,” the bank statement<br />
noted. “The app offers<br />
easy payments using Ecobank<br />
Scan+Pay through Masterpass,<br />
mVisa and Mcash, and<br />
has options to pay utility bills,<br />
school fees, subscriptions,<br />
make donations, buy airtime<br />
instantly and generate payment<br />
tokens using Ecobank<br />
Xpress Cash to do cardless<br />
ATM withdrawals or at an<br />
Ecobank Xpress point.”<br />
<strong>BusinessDay</strong> study finds<br />
that the Ecobank Mobile App<br />
has been downloaded more<br />
than 1 million times and was<br />
last updated on March 10,<br />
<strong>2018</strong> on the Google Play Store.<br />
Ade Ayeyemi, CEO of Ecobank<br />
stated that the bank has<br />
processed almost as many<br />
transactions on the Ecobank<br />
Mobile App in the first few<br />
months of <strong>2018</strong> as they did in<br />
the second half of 2017.<br />
“We aim to be the leading<br />
consumer financial services<br />
franchise in Africa and have<br />
developed a range of products<br />
and services relevant to<br />
meeting the daily banking,<br />
financing, investment and<br />
transactional needs of our<br />
customers,” Patrick Akinwuntan,<br />
group executive, Consumer<br />
Banking of Ecobank<br />
said. “The Ecobank Mobile<br />
App provides easy access to<br />
these services anytime and<br />
anywhere.”<br />
Meanwhile, customer rating<br />
of the Ecobank Mobile App<br />
on the Google Play Store and<br />
Apple Store is 4.0. Majority of<br />
reviews highlighted slowness<br />
and crashing problems with<br />
the latest version of the app.<br />
COMPANY REVIEW<br />
Diamond Bank’s Tech Fest to create opportunities for start-ups<br />
Diamond Bank said it<br />
is organising a Tech<br />
Fest to showcase<br />
technological solutions<br />
for businesses, connect<br />
technology providers with<br />
new markets, provide accessto-market<br />
opportunities for<br />
tech start-ups in Nigeria.<br />
The bank’s CEO Uzoma<br />
Dozie disclosed this at the<br />
launch of the event that is<br />
set for 15 to 16 of May <strong>2018</strong> at<br />
the Landmark Event Center,<br />
Oniru, Lagos.<br />
“Tech Fest for me is a platform<br />
that we can share with<br />
our customers to help them<br />
get the best of technology and<br />
to partner together to run better<br />
businesses,” Uzoma said.<br />
“If there is one thing we have<br />
learned at Diamond, it is that<br />
you cannot do everything on<br />
your own and you need to<br />
collaborate if you are going<br />
to win and be the best at what<br />
you do.”<br />
Diamond is partnering<br />
with MTN, Visa, Microsoft,<br />
NIBSS, Deloitte and Touche,<br />
Interswitch and Beat FM for<br />
the Tech Fest.<br />
Emezino Afiegbe, country<br />
director, Visa, expressed his<br />
excitement at the partnership.<br />
According to him, Visa<br />
will provide support to retail<br />
customers and consumers to<br />
make payment seamlessly,<br />
securely and as quick as possible.<br />
“We believe that if they can<br />
make payment quickly and<br />
safely, we are sure that the<br />
GDP will grow for not just the<br />
country but also prosperity in<br />
the region,” Afiegbe said. “It all<br />
starts here and we are happy<br />
to be part of this journey. We<br />
go into the future.”<br />
Tech Fest is open to all who<br />
want to connect, collaborate<br />
and co-create new ideas that<br />
solve real problem for Nigeria.<br />
“I call it Tech Fest <strong>2018</strong> because<br />
we believe the conversation<br />
will be sustained. Essentially<br />
for us at Interswitch,<br />
it is about curiosity, collaboration,<br />
and co-creation,” Tomi<br />
Ogunlesi, corporate brand<br />
manager, Interswitch said.<br />
“We are happy to work with<br />
Diamond Bank and other<br />
partners to make this happen.”<br />
NEWS<br />
Social video audience in Africa,<br />
ME second-largest in the world<br />
Internet users in Africa and<br />
Middle East account for the<br />
second-largest consumers<br />
of social videos in the world.<br />
The top position goes to people in<br />
Latin America, according to a new<br />
report on Online TV consumption<br />
released by GlobalwebIndex<br />
on Tuesday, 10 <strong>April</strong> <strong>2018</strong>.<br />
The report showed that 67<br />
percent of people in the two<br />
regions have watched a video on<br />
Facebook, Instagram, Twitter or<br />
Snapchat in the month of March.<br />
Social TV consumption has<br />
also seen consistent growth in<br />
three years. In 2015 it grew by 38<br />
percent, 2016 by 51 percent and<br />
56 percent in 2017.<br />
While Latin America led the<br />
charts with 71 percent growth,<br />
Europe took the last position<br />
with 44 percent rise. Asia Pacific<br />
(excluding China) saw an increase<br />
of 56 percent, just behind North<br />
America at 57 percent.<br />
GlobalwebIndex predicts that,<br />
should the trend continue, mainstream<br />
TV could easily transfer<br />
over to the social platforms which<br />
many already use for watching<br />
videos.<br />
“Social TV will bring new<br />
opportunities for marketers –<br />
increased reach, more data and<br />
refined targeting,” the authors of<br />
the report noted.<br />
Generally, online TV audiences<br />
are increasing across the<br />
world further shrinking the monopoly<br />
of broadcast. The advent of<br />
online TV has increased flexibility<br />
in choices of TV people watch.<br />
The report found that almost<br />
90 percent of those who watch<br />
catch-up or TV subscription<br />
services also watch broadcast<br />
TV weekly. The number of people<br />
that prefer broadcast alone<br />
has declined to only 10 percent,<br />
whereas only 3 percent express<br />
preference for online TV only.