Friday, March 29, 2024

Ecobank, Semoa launch new digital banking service

Uba Group

BY KENNETH EZE

The Ecobank Group and Semoa, a Lome-based Fintech, are teaming up to enable mobile money users in Togo to carry out banking faster and easier, across the West African Economic and Monetary Union through a new digital banking service via Whatsapp called “Xpress cash by Semoa”.

Ecobank Group’s Senior Fintech adviser, Djiba Diallo, said, “As digital banking becomes increasingly important, the Ecobank Group is joining the growing number of banks, card companies and payment service providers around the world using developers like Semoa, one of the most prominent fintechs in Africa, to enhance customer experience.

He explained that Ecobank went into the partnership with a conviction that the Semoa banking app was accessible, swift, safe and secure.
“Made more accessible by Open Banking, which provides secure access to the Bank’s data, fintechs develop systems which issue commands via APIs to third parties, creating a seamless service for customers to perform their transactions and track their finances in one place,” he added.

CEO and Founder, Semoa, Edem Adjamagbo, said, “Xpress Cash by SEMOA – whereby Ecobank enables its cutting-edge infrastructure with SEMOA’s secured online services, is the perfect example of a true partnership in financial innovation with the potential to change the lives of many in West Africa.

“Indeed, the fact that people with no bank accounts, or credit cards, can now cash out their mobile money directly out of Ecobank ATMs and Xpress Points throughout the WAEMU region is a game changer that will help foster financial inclusion.”

The Point reports that the Xpress Cash would require customers to send a WhatsApp message to Semoa’s BOT called Dede to request for token for withdrawals, payment of bills or money transfers across the WAEMU region.

The Point gathered that the success of the new wallet service is made possible by Semoa’s ability to test connectivity, authentication, and authorisation of customers’ transactions before the new service went live through Ecobank’s Sandbox.

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