Can you create more than one Ecobank virtual VISA prepaid card with your Ecobank account? What are the limits and charges on the cards? Read on to find out more.
Virtual cards are online VISA prepaid cards that you can use to perform online payments. You can create them instantly and do not get a physical card. When you load the virtual prepaid card with money, the bank removes it from the account to the card. Oh, and you can send the money back to your account once you cancel the card. It also uses the same local currency as your account or country, unless you change that if it allows.
On the Ecobank mobile app, the feature comes in two types: a shopping card and a gift card. The shopping card comes at a cost of GHC10 while the gift card comes at a cost of GHC20. The shopping card is valid for 12 months, while the gift card is valid for 3 months. Ecobank charges you 2% of the amount for transactions online.
The maximum number of Ecobank virtual VISA shopping and gift cards you can have at a time is two and five, respectively. The maximum amount you can have on a shopping and gift card is GHS5,000 and GHS1,200, respectively. However, your daily loading limit for the shopping card is GHS5,000.
How to create an Ecobank virtual VISA card
In the Ecobabk mobile app, select “CARDS”
Select “Virtual Cards”
Select “Create a Virtual Card”
Enter ‘Amount’ to be loaded onto the card
Select Scheme type (MasterCard/VISA) and type of card
Enter mobile number
Proceed to enter PIN, Touch or Face ID to create the Virtual Card
Ecobank, the pan-African banking group, is partnering with Microsoft, LinkedIn, GitHub and Ecobank Academy to train and equip Small and Medium-sized Enterprises (SMEs) across sub-Saharan Africa. The training will provide SMEs with digital skills and knowledge to reach their full potential. As well as play a vital role in driving Africa’s economic resurgence.
SMEs have been significantly impacted by the COVID19 pandemic with its attendant lockdowns and disruptions to supply chains, plummeting sales, lost revenue and operational challenges. In response to feedback from our customers, Ecobank through its Commercial Banking Segment is helping business owners close the digital skills gap within their chosen fields and improve the digital capabilities of their employees.
“The COVID-19 pandemic has turbocharged the shift towards digital”, says Josephine Anan-Ankomah, Group Executive, Commercial Banking for the Ecobank Group. “It is essential that businesses adapt so that they are able to compete effectively in today’s rapidly changing landscape. Ecobank’s Commercial Banking is committed to supporting SMEs across our pan-African footprint. Through this partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy we are offering training to equip business owners and their employees with the digital skills that they need to stay connected to their customers. We are intent on ensuring that our SME customers remain relevant, grow and succeed in the post-COVID-19 era”, she adds.
SMEs have been invited to register here for the upcoming webinar taking place on July 26. The Global Skilling initiative program is available on an online portal where SMEs can register, and start their learning journey for any of the 10 in-demand skill sets (Customer Services; Digital Marketing; Financial Analysis; Graphic Design; IT Support/Help Desk; Project Management; Sales; Data Analysis; IT Administration; And Software Development). They can complete the virtual programme at their own pace and at times that work best for them. The programme runs until the 31st of December 2021.
Ibrahim Youssry, Regional General Manager, Middle East and Africa – Multi market region at Microsoft says Microsoft is “committed to building digital talent pipelines to support the workforce of the future. And our Global Skilling Initiative is an important part of this process. But beyond the future workforce, digital talent will also support more local innovation, as developers and entrepreneurs are empowered to create locally relevant solutions that best address the challenges and needs of African countries. Startups and SMEs play a critical role in innovation, economic growth and job creation, and expanded access to digital skills is one of the key steps needed to foster a successful economic recovery.”
The Global Skilling Initiative is just another example of how Ecobank wants to help SMEs reach their full potential and play a vital role in driving Africa’s economic resurgence. Other support initiatives for SMEs include:
The Ecobank Marketplace eCommerce solution for businesses to grow their sales on digital marketplaces
And the Ellevate programme to provide women-led/owned/focused businesses with loans, cash management solutions, training and mentoring opportunities.
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Check out other stories making the news in the technology ecosystem in Africa and the Middle East.
Nokwary Technologies are winners of the 2020 Ecobank Fintech Challenge hosted by the Ecobank Group. The finals of the Ecobank Fintech Challenge took place virtually and streamed live from Accra, Ghana.
Nokwary Technologies, edged out the rest of the finalists to emerge the winner of the competition. The first and second runner-up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively. The 1st to 3rd place winners will receive cash prizes worth US$10,0000, $7,000, and US$5,000 respectively.
Nokwary, from Ghana, is a fintech that uses AI to promote financial inclusion. Its AI-Powered banking solution offers an opportunity for users to carry out transactions in a familiar language. They also use popular social media channels like Whatsapp.
South Africa-based Ukheshe, which came in second, provides a bridge between the card and the cash economy. It has created the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.
Third place, Growth Factor provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs. By enabling them to get paid in 24hrs when dealing with credit clients.
Ade Ayeyemi, Ecobank Group CEO, congratulated the winners for their innovation and welcomed all the 2020 fellows. “The quality of the products and pitches we saw in the final this year were amazing. Clearly it is evident that Banking in Africa is moving onto a new dimension with these Fintechs leading the way. That is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year. It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent.”
Winning the 2020 Ecobank Fintech Challenge
Dennis Asamoah Owusu, CEO, and Co-founder of Nokwary Technologies commented on his victory: “I was beyond excited. Our company is rather young and to be recognized like this on such a stage was really exciting as well as a validation for our focus on creating inclusive technology right from the start. It is also very encouraging to note that a major bank like Ecobank places such a premium on inclusion and is willing to back and promote innovative and cutting-edge technologies towards that purpose. We are looking to work together with Ecobank to bring an AI-first digital banking platform over WhatsApp, as well as other innovative solutions to Ecobank’s customers.”
This year’s Finalists made it through an extremely competitive pool of over 600 applicants across Africa, Europe, North America, and Asia. All ten (10) finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program that will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group, and to possibly launch and scale products across Ecobank’s 33 country markets in the continent.
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Microsoft shares that Ecobank Group has improved its business performance using Microsoft’s Power BI solution.
The released statement says; Ecobank, one of the continents leading banking conglomerates has been able to drastically improve its business analytics needs with the help of Microsoft Power BI.
“We were looking for something that was easy to implement and configure as well. Moreover, as we deal with sensitive data, Power BI provides a secured environment which helps protect data integrity.” – Sarah Aryee-Oppan, Head of BI & Big Data Ecobank
Microsoft’s Power BI is a suite of analytic tools that deliver insights. It allows a user to connect data from multiple sources and produce reports that can be accessed on different platforms and devices in real-time.
With it a user can unify data from many sources to create interactive, immersive dashboards and reports that provide actionable insights and drive business results says Microsoft.
On how easy it was getting around Microsoft’s Power BI solution, Sarah said “None of us have attended any formal training. – With most of us being self-taught on Power BI. Various tutorials are also available online – allowing for easier learning.”
Ecobank’s needs in terms of data mining and business analytics was and is prodigious. With operations spread over a whole continent, reporting environments and individual affiliate databases are diverse. Hence the need expressed by Ecobank’s Group CEO, Ade Ayeyemi, for a single dashboard for quicker and easier access to data.
This could be another move in the digital transformation partnership journey between both organizations. As Ecobank CEO Ade Ayeyemi said a year ago, “the main focus is to increase financial inclusion in Africa”.