Ecobank Group adds Semoa’s ‘Xpress cash’ function for customers


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Ecobank Group will work alongside Semoa to offer a cash function powered by WhatsApp in the African nation of Togo, a press release from the firm said.
  • The new service will be called ‘Xpress cash’ and will be available at cash machines and at what are known as Xpress Point Agent sites.
  • A senior spokesperson for Semoa said that it was “the perfect example of a true partnership in financial innovation with the potential to change the lives of many in West Africa”.

A leading bank provider in Africa has confirmed that it will collaborate with a financial technology company to help improve international money transfer experiences for customers.

Ecobank Group, which works across the continent, will permit online money transfers via mobile, thanks to the service provided by Semoa.

The new service will be focused in particular on the nation of Togo.

Semoa offers a service called ‘Xpress cash’, which is powered by WhatsApp.

Ecobank Group will now become the first such institution to offer this service at cash machines.

It is also possible to use the service at Xpress Point Agent sites.

It comes after Semoa created an application programming interface (API) for this purpose.

This permits mobile phone applications to communicate with each other and ultimately improve the customer experience.

In a statement, a senior figure at Semoa explained that the new service would see the two firms combine their “cutting-edge” services.

Edem Adjamagbo, the chief executive officer and founder of Semoa, said that it reflected a “true partnership” between the two companies – and that it may well “change lives”.

“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,” he explained.

He went on to say that financial inclusion would be enhanced as a result of the move – especially for those who do not have access to services such as bank accounts or similar.

“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,” he explained.

For Ecobank Group, the firm’s senior financial technology advisor said that the time was right for the move, given the increasing prevalence of digital banking.

Djiba Diallo said that the company was adding to an already plentiful supply of financial institutions working with firms such as Semoa.

“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 said.

Ecobank Group is just one of many organisations operating in the all-important cross-border payments world – to discover more about what the sector can offer, just head to this page.

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