Ecobank, GhanaPost sign deal to promote digital payments

ECOBANK Ghana and GhanaPost have entered into a mutually beneficial agreement which will turn 100 GhanaPost outlets into Ecobank xpress points.

The deal is set to bring banking to the doorstep of many more Ghanaians

The two institutions have agreed to rollout the strategy in phases, starting with an initial 78 outlets before the additional 22 will come on board. But ultimately, the plan is to turn all 360 GhanaPost outlets across the country into financial service and agency banking hubs to deepen financial inclusion.

At the last count, financial inclusion in Ghana had reached about 68%, leaving a 32% gap to be bridged. The two institutions believe that their collaborative strategy will go a long way in helping to bridge that gap.

As part of the partnership, ECOBANK will advance GH¢1 million to GhanaPost to convert their outlets into Ecobank Xpress Points, where they can offer some eight consumer banking services.

The services include deposits, withdrawals, bills payment, remittance, airtime purchase, interbank transfers, Visa and Master prepaid cards top-up as well as card on POS withdrawals.

ECOBANK will also be working with the commercial department of GhanaPost to run activations at the selected outlets to drive public attention to the new financial services being offered at those outlets.

Managing Director of ECOBANK Ghana, Dan Sackey, who signed on behalf of the bank noted that there could not have been any better partner for the rollout of the strategy than GhanaPost because the latter has outlets across the length and breadth of the country and is therefore well positioned to drive financial inclusion.

Since the introduction of Ecobank Mobile in November 2016, the bank has been working towards empowering the large unbanked and underserved people in Ghana  by providing them access to cheaper basic banking tools to equip them perform everyday banking transactions without visiting the bank

“We do this to ensure that the underserved markets become financially literate, as a means to gaining financial freedom, as we plan to deepen financial inclusion in Ghana,” Mr Sackey stated.

Deputy Managing Director of GhanaPost, Kwaku Tabi Amponsah Esq said GhanaPost was working hard to increase revenue and such strategic collaborations in agency banking were critical to that effort.

“With such innovative partnerships, very soon your post office will also be your bank and GhanaPost will also be endowed with new competencies from their various banking and financial service partners,” he added

The partnership with Ecobank also puts GhanaPost in a position to help drive Government’s financial inclusion agenda even further, adding that it is his firm belief that the partnership will be for the long-term.

Chief Commercial Officer of GhanaPost, Kwesi Owusu-Abrokwa said the lack of ease of deposits has been the key missing chip in the digital finance puzzle, but the agency banking partnership between GhanaPost and ECOBANK will help a great deal in fixing that.

”Now our mothers, farmers, market women and others do not have to go to banks to make deposits or deal with susu collectors who can bolt with the money – just walk into any GhanaPost office and deposit your cash.

“In the same way our traders do not have to carry loads of cash to travel – they can deposit the money at GhanaPost anywhere in the country and when they get to where they need the cash to pay for goods, they can always go to GhanaPost and get cash for the payment. This ensures safety for them,” he said.