Ecobank Nigeria extends zero charge for digital money transfers to cushion public from COVID19

NIGERIA – Ecobank, a subsidiary of the Ecobank Group, a leading independent pan-African banking group, has extended its zero-charge fee for digital money transfers to cushion the public from the adverse effects of the COVID19 pandemic.

The decision from the bank was made at a time when the corona virus disease is continuing to wreak havoc in the West Africa nation, infecting over 24,000 Nigerians and claiming the lives of about 558 others.

The Nigeria ministry of health has urged the public to follow (WHO) provided recommendations for the wearing of face masks by the general public.

Nigeria’s Ministry of Health noted that this was especially important where there is ongoing widespread transmission and physical distancing is difficult, such as in public transport, markets, and confined or crowded environments.

A statement from the bank explained that the zero charge for transactions below N5,000(US$12.90) will remain effective till the end of September this year.

The bank further explained that the zero fees are in addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, and Ecobank USSD.

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus.

Ecobank explained that the decision to extend the zero-charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign targeted to check the spread of COVID-19.

“We are determined to ensure that the impact of the pandemic is minimal on citizens. We encourage our customers to utilize our digital self-service solutions,” said Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria.

Olukorede explained that customers can “easily access their bank accounts, make payments, transfer funds, process salaries and carry out ancillary banking transactions from the comfort of their home and offices without having to visit the branches”.

She further stated that Ecobank was also supporting over 50,000 farmers across the country to grow maize, under the CBN Anchor Borrowers program with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN).

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