The leading pan-African banking group, Ecobank, on December 22 launched an e-commerce solution for African micro, small and medium enterprises (MSMEs).
This initiative is part of the bank’s strategy to leverage financial technology (Fintech) to strengthen financial inclusion in Africa. The new platform will allow MSME customers to create their online stores for free. Consumers will also be able to select products from the inventory list before delivery and make payments using internationally accepted bank cards.
These are Visa or MasterCard, EcobankPay QR code, among others mobile money. Ade Ayeyemi, CEO of Ecobank Group, said that “one of the challenges facing African SMEs, especially amid the Covid-19 pandemic, is limited access to markets. We are determined to do all we can to help African businesses get back on track amid the setbacks of Covid-19 ”.
According to official statistics, more than 400 million people use internet services in Africa. This makes the continent the second largest population of Internet users in the world, thus constituting enormous potential for MSMEs. They will be able to display their products and services, acquire new customers via e-commerce and online payment platforms.
Already present in Ghana, Kenya, Nigeria, Uganda and Zambia, Ecobank’s new e-commerce solution is expected to be deployed in other African countries.
