Ecobank Capital Advisors Limited, a wholly owned subsidiary of Ecobank in collaboration with MTN Mobile Money has introduced the Ecobank TBill4All to allow Ghanaians to invest in 91 day and 182 day Treasury Bills using the mobile money platform.
According to the Head, Cards and E-Banking, Ecobank Anglophone West Africa, Mr. Owureku Asare, the Ecobank TBill4All service is the first of its kind in Sub-Saharan Africa, designed to increase savings and investments as well as mass participation in the Securities and Capital markets by all Ghanaians.
“Using their phones, individuals can now invest in Government of Ghana Treasury bills anytime anywhere and with as little as five Ghana Cedi {Ghc5}. Ecobank TBill4All has the added benefit of providing financial inclusion and convenience...it is presently designed to operate on the MTN Mobile Money platform, which currently offers the widest coverage with the highest subscriber base in Ghana”, he averred.
“The product will also remove the perception that Treasury Bills is an elitist product and position it as an investment vehicle for all. As a self-service platform, subscribers have absolute control of their transactions. It is therefore an excellent means for encouraging the culture of savings and wealth creation in Ghana and indeed has the potential of becoming a key catalyst of socio-economic growth through sustained interest and participation by all Ghanaians in the savings drive”, he added.
Speaking at the launch at the Accra Movenpick Hotel, the First Deputy Governor of the Bank of Ghana, Mr. Millison Narh commended Ecobank for staying close to their customers and coming up with such an innovation which focuses on including customers in financial transactions.
“Ecobank has been at the forefront of digitally driven initiatives for financial service. The development of TBill4All is a testament to Ecobank’s commitment to levelling the playing field in the investment sector. Ecobank should be applauded for its efforts in this direction, and for once again, taking the lead, and setting the pace for a new investment agenda”, he lauded.
Speaking on behalf of Mr. Patrick Akinwuntan, Group Executive for Consumer Banking, Mr. George Mensah Asante, Executive Director at Ecobank Ghana and Head of Consumer Banking for Ecobank Ghana and Anglophone West Africa indicated that Ecobank delights in being at the forefront of encouraging an all-inclusive savings and investments culture within Ghana.
He added that Ecobank was interested in the promotion of financial services through technological enhancement and that this service forms part of a series of technologically enabled platforms that would transform banking and financial services in Ghana.
“The service will also be available on Ecobank internet banking, Ecobank Mobile App and eventually on all networks of the group to ensure greater financial inclusion across the continent”, he assured.
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