Cost of Cash Transaction Stands at Between 0.5 and 1.5% of GDP – Master Card *  Cash-Based Transactions Responsible for Corruption, Kidnapping

The Gross Domestic Product (GDP) of many countries would be better if they migrate to a cashless transaction. The cost of transacting with cash is estimated to be between 0.5 and 1.5 percent of total GDP all over the world.

Kehinde Omojeinde, Vice President, West Africa, MasterCard  said the cost do carrying cash physically is enormous and stressed it is high time Africa move away from the old culture.

She stressed that the social cost of carrying cash cash is the bane of Africa development. According to her, transacting in cash is mostly responsible for the deep rooted corruption in the country and Africa as a whole.

Omojeinde notes that if the country were to operate a wholesome cashless economy, it will be difficult for government official to demand bribe as it could be easily traced.

She added that, kidnappers will no longer find the business rewarding if the country goes cashless, as monies paid to them will be traced easily.

She added that the government in its procurement business would fare better if payments are done electronically, because the issue of kick backs will suffer set back.

The MasterCard regional vice president I’d particularly piqued that government receipts are still very poor because they are still done on cash basis. She said, in a cashless economy, receipts will be done more transparently.

Omojeinde said this the reason why Master card is involved in the National Identity Card project.

According to her, the involvement of the technology company will not only help increase the number of people that will be integrated into the main stream financial sector, but will improve on cashless transaction.

She said, MasterCard is currently involve on providing necessary chip and pin that will enable the new National Identity Card serve as some sort of ATM cards that will enable holders load money and at the same time withdraw money with.

She said, her company has invested some money on training staff of some hover net officials that are involve in e-banking technology.

She however said that Master Car d s not involve in the identity aspect of the project.

She said N34 billion was transacted through MasterCard alone in 2010, while its share price rose from $200 in 2008 to $619.89 as 20th August, 2013.

According to her MasterCard is currently negotiating discounts with big shops. She added that in the next eight weeks, a platform will be launched in Nigeria to to address the issue of offers and discounts.

Ecobank Rewards Customer Loyalty – Unveils “Giant Prize Giveaway” Promo

Ecobank Nigeria has unveiled a Giant Prize Give Away Promotion to reward existing and new customers who actively operate their Ecobank current and savings accounts. Starting this August through November 2013 the “Giant Prize Give Away” promo gives  participating customers  the opportunity to own a Honda CRV SUV and loads of other prizes to be won at monthly draws through to the end of the promotion.

The Monthly Prize draws gives each customer the chance to win LED TVs, deep freezers, generators, washing machines, home theatre systems and Blackberry Smartphones. The customer is only required to deposit at least N30,000 into his/her current or savings account.  Maintaining such deposit for at least three months qualifies the customer for the grand draw.

Announcing the promotion in Lagos, Ecobank Deputy Managing Director, Anthony Okpanachi said Ecobank is poised to reward its loyal customers, even as it offers them the best of banking services. In his words “Ecobank will continue to contribute significantly to the growth of the Nigerian economy. Ecobank, with the largest Pan African banking network in Africa is the best platform to provide economic empowerment to our peoples across Africa hence its determination to build scale in Nigeria through products and services that provide convenience and value for customers”.
Mr. Okpanachi  who encouraged non customers to walk into any Ecobank branch and open an account, said all the customer is required to do in order to qualify  for the monthly draws is to make fresh deposits of N30,000 into their current or savings accounts  each month. Depositing Multiples of N30,000 gives the customer more chances of winning . He said  Maintaining a minimum of N30,000 throughout the Promo Period qualifies the customer for the grand Draw

He emphasized that the bank will continue to expand its product portfolio which currently includes current account, savings account, cards, regional and local remittances, consumer finance, loans and advances, investment banking and asset management, regional and international trade.
Known as the Pan African bank, Ecobank offerings currently run in the 34 countries in Africa where it is present, ensuring that all its customers across the continent are given the same experience, based on the “Ecobank One Bank” value proposition.

Ecobank Group is Africa’s foremost Pan African banking group with unrivaled presence in 34 countries in Africa, France and Dubai and is today considered by many investors as a gateway to the African financial markets offering world class products and services.

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