Ecobank launches two new products

Ecobank Nigeria said it has concluded arrangement to host a webinar to provide insightful information on how banks can effectively help educational institutions and faith based organisations through digital banking offerings. The webinar which is part of Ecobank Digital Series scheduled to hold February 16 2021, is titled “Digital Enablement of education and faith: Winning tools for new normal lifestyle”.  The Vice Chancellor, Covenant University, Ota, Ogun State, Prof. Humphrey Adebayo, is expected to be the Keynote Speaker while Commissioner of Education, Ekiti State, Mrs Olabimpe Aderiye, National President, National Association of Proprietors of Private Schools (NAPPS), Chief ‘Yomi Otubela and Former Deputy Managing Director, Fidelity Bank, Alhaji Mohammed Lawan Balarabe will be Guest Speakers.

Speaking ahead of the event, Moji Oguntoyinbo, Segment Head, Public Sector and Agribusiness, Ecobank Nigeria, said the webinar is set to highlight the opportunities in digital banking for schools and faith-based organisations in the face of the Covid 19 pandemic, stressing that, functional digital technologies are being employed by these institutions as a shaping force and additional channels to reach a wider audience in addition to their existing members and patrons, while maintaining the core principles on which they are premised. According to her, “This is an opportunity to assure educational institutions and faith based organisations that we have in place top-notch digital solutions that would enhance their collections and transactions while they face their core responsibilities. Coming in the wake of the pandemic, technology-based solutions are touching all aspects of life. 

Institutions which are ill-prepared to adapt to these changes are challenged by inadequate funding to obtain digital devices, urbanize the teaching staff, provide high speed internet, source for eBooks, create and manage apps as well as social media. In addition, involvement of distributive technology in the performance of their duties to society, is severely limited. Our products are designed to bridge this gap and meet funding and other financial needs quickly and efficiently.” Mrs. Oguntoyinbo also announced that the bank will launch two products during the event. They are the  Ecobank Stewardship Account and Ecobank School Bundle respectively, for religious and educational institutions at all levels. She explained that the Ecobank school bundle is designed to help educational institutions manage their banking needs more effectively so they can concentrate on providing world-class education. 

She listed the digital offerings as Omniplus/Omnilite, Collegepay, Ecobankpay, Web collections PAYDIRECT, Point Of Sale Terminals (POS), NIBBS platforms, EBILLS PAY, Asset Finance and Ecobank School Loan. The Features include minimum Initial deposit of N60,000; minimum balance of N50,000 to be maintained in customer account; zero monthly maintenance charge. Interest rate payable on average monthly balance in the account; access to loans of up to 40% of termly fees as receivables finance and forfeiture of interest and charges apply when minimum balance requirement is breached. On the other hand, the Ecobank Stewardship Account is designed to help religious organisations run their daily operations smoothly and earn interest at the same time.

Also referred to as The Good Steward Pack, its features include: zero monthly maintenance charge; interest rate  payable on average monthly balance, withdrawals below N50,000 minimum operating balance attract maintenance fees of N1/mil and forfeiture of interest; minimum balance of N50,000 in the account at any point in time and N60,000 minimum initial cash deposit in account. Some benefits of the product are: competitive interest rates subject to prevailing market conditions; access to loans namely Asset Finance, Mortgages and other term loans; access to Ecobank Platinum cards for the leaders subject to approval; access to customised cheque books, and others.