ETI Reaches Another Milestone in Financial Inclusion in Africa, Launches a New WhatsApp Service

ETI Reaches Another Milestone in Financial Inclusion in Africa, Launches a New WhatsApp Service

Wednesday, July 06, 2021/ 09:50AM /Ecobank/Header Image Credit: Good-id

ETI Reaches Another Milestone in Financial Inclusion in Africa, Launches a New WhatsApp Service

The Ecobank
 and Semoa a Fintech based in Lome,   are enabling mobile money users
 in Togo to carry out  banking faster and easier, across West African
Economic and Monetary Union ( WAEMU) through a new digital banking service via
Whatsapp called “Express cash by Semoa”.

The Ecobank Group, whose network covers 35 countries across Africa, is the
first bank to integrate this type of service at its ATMs and Express Point
Agency locations. Customers simply send a Whatsapp message – which means the
service is available 24/7 – to Semoa’s BOT called Dede to request for tokens
for withdrawals, payment of bills or money transfer to friends and relatives in
Togo and across the WAEMU region.

Semoa’s development of the API – the application programming interface which
allows apps to talk to each other – is creating the next generation digital
customer experience and further validating the Ecobank Group as one of the
innovative leaders of Open Banking in Africa. By leveraging this technology,
the Ecobank Group is providing a bridge between the digital and cash economy.
This allows unbanked merchants and traders to accept and make payments
digitally thereby accelerating financial inclusion.

Edem Adjamagbo, CEO and founder of SEMOA during the launch of this new
innovative service said: “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. 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”

Djiba Diallo,
the Ecobank Group’s Senior fintech adviser said: ‘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. Made more
accessible by Open Banking, which provides secure access to the Bank’s data,
fintechs develop systems which issue commands via APIs to third parties,
creating a seamless service for customers to perform their transactions and
track their finances in one place

The success of the new wallet service is made possible by Semoa’s ability to
test connectivity, authentication, and authorisation of customers’ transactions
before the new service went live through Ecobank’s Sandbox. Furthermore, the
income generated by the service is being split equally between the Ecobank and
Semoa, creating great business opportunities for other fintechs. As a result,
the Ecobank Group is encouraging other financial technology companies to access
its Sandbox API to develop more innovative and smarter services.

Register for Sandbox access on the Ecobank Group’s API website at

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