Ecobank And Lonestar Mtn Launch Push & Pull Service
Monrovia – Ecobank Liberia and Lonestar MTN have officially launched the Push and Pull service to the benefit of their respective customers and subscribers. The service which works based on reciprocity, allows Ecobank account holders to link their bank accounts to their MTN mobile money wallets, enabling them to move money from “bank to wallet” and vice versa.
The service will also allow customers of Ecobank and subscribers of Lonestar cell MTN who are excluded from financial services to now have access to basic financial services through their mobile phones.
Speaking at the launch, Mr. George Mensah-Asante, Managing Director of Ecobank said the introduction of this Push and Pull service is part of a mutual agenda of both institutions to move Liberia towards a cash-lite economy since the commencement of their partnership over a decade ago. “The mobile phone operator -Lonestar MTN and the Pan-African bank, Ecobank, are today meeting to further advance a long-standing partnership through value addition. This partnership will enable customers using the Push and Pull service to seamlessly move monies from their accounts without restriction as to how much can be withdrawn”.
Mr. Mensah-Asante further noted that the over 200,000 mobile app users and over 175,000 Xpress account holders, will greatly enjoy the convenience this service brings to the table. “We believe as a bank, that collaborations and interoperability provide great gains to customers and subscribers, allowing them to benefit from services on both sides and enhancing their ability to transact remotely in a safe and secure manner especially in the wake of the COVID-19 pandemic”.
According to Ecobank Managing Director, the launch of the Push and Pull Service is another milestone for the bank since the commencement of their digital journey several years ago. “As a Pan African Banking Group, we have a key objective of promoting financial inclusion and empowering the large unbanked and underserved people of Africa. We are committed to this objective and we encourage all our customers and account holders, including Xpress account holders to utilize our digital banking channels for convenience and safety. For the unbanked, we believe this new service will be beneficial and will provide you with new opportunities”.
For his part, Mr. Gibson Kollie, Ecobank Head of Consumer Banking, explained at the launch of the product that to gain access to the Push and Pull Service, an individual should visit any Ecobank Branch to link his or her Ecobank account to the Lonestar Cell MTN Mobile Money account.
He further stated with the numerous branches, cash centers and Ecobank Xpress Points in the country, and the extensive coverage of MTN Mobile Money with over 7,000 active agents, this product will enable customers seamlessly move funds from their bank accounts to their MTN mobile money wallet and cash out with ease. This is indeed proof that the bank is fully supporting the Government of Liberia’s Digital Financial Inclusion Agenda”.
According to him, the first three months after the launch, the service will be free of charge for customers.
He commended the various stakeholders to include the Central Bank of Liberia, Lonestar MTN, and staff of Ecobank for their tireless effort applied in ensuring the service is up and running.
Meanwhile, Mr. Yaw Agaypong, Deputy CEO of Lonestar Cell MTN commended Ecobank for the partnership and welcomed them to Lonestar MTN MoMo Family. “We are pleased to welcome Ecobank to the Mobile Money family. Digital financial advancements have never been more vital than now. MoMo customers who bank with Ecobank can now conveniently transfer money between their MoMo wallets and bank accounts as and when they need it.”
He encouraged MTN subscribers to make use of the push and pull service, as it comes with convenience and accessibility. “with thousands of agents and merchants in our ecosystem, subscribers can access cash, pay bills and even pay for goods and services stress-free. We are excited about this because it makes our customers lives easier and better. We promise our customers: when it comes to safe, secure, and convenient digital payments, with MoMo, we’ve got you,” he concluded.