Types of Eco bank Accounts- All you need to know, Ecobank is a Pan-African conglomerate with activities in more than 30 African countries.
It remains one of the largest financial service providers, with offices in over 36 countries worldwide. In this article, we will discuss the types of Ecobank accounts and everything you need to know.
Eco bank Company Profile
Ecobank Transnational Incorporated is a bank holding company that was formed in 1985 by a private sector initiative that was overseen by the Federation of West African Chambers of Commerce and Industry with the assistance of the Economic Community of West African States (ECOWAS).
Types of Eco bank Accounts- All you need to know
Ecobank Accounts can be accessed by individuals with diverse types available for convenient usage. Ecobank started its operations in Togo, the bank’s headquarters, when the Togolese government reached an agreement on the 5th of October, 1985.
Ecobank Accounts are mainly two types which include current and savings accounts.
Who Owns Ecobank
Ecobank was created through the initiative of the Federation of West African Chambers of Commerce and the help of ECOWAS.
The company where one can access Ecobank Accounts is controlled by the chairman, non-executive director Mr. Alain Nkontchou and the group chief executive officer, Mr. Ade Ayeyemi.
Ecobank Accounts are designed with the best features for an individual to manage their finances.
How To Open An Ecobank Accounts
For an individual to access Ecobank Accounts, they need to open an account with Ecobank. It’s pretty easy and comforting to create an account with Ecobank, as an individual can do it online. Below are the steps to creating Ecobank Accounts.
- Visit the official website of Ecobank.
- Click on the option to apply now.
- Select your country of residence.
- Choose the specific type of Ecobank Accounts to use for your finances.
- Provide your name, phone number, and email address, and then submit.
- Verify your email address and set up a password.
- You will be redirected to the official website of Ecobank, where your account is opened.
- You need to update your account profile by providing your BVN and other vital information to start utilizing your account.
Requirements For Opening An Ecobank Account
There are some essential things that an individual must fulfill to utilize Ecobank Accounts. Below are some of the requirements to open an Ecobank account.
- You need to be at least 18 years and above.
- You need a phone number, email address, and means of identification.
Information Ecobank Will Ask You To Provide
- Phone number.
- Valid proof of identity card.
- Proof of address.
- Passport photograph.
- Employer’s letter of introduction (salary account).
- Residence permit – for a foreigner.
- Conduct a KYC check – Know Your Customer.
The Information Required For The Full KYC Account Include;
- Full name.
- Phone number.
- Valid means of identification.
- Personal photo/selfie.
Types Of Ecobank Accounts
There are numerous accounts available in Ecobank that an individual can suitably open and enjoy many benefits. Below are the types of Ecobank Accounts available for interested individuals to consider.
Ecobank allows its customers to sign up and create a current account for usage. These current accounts are designed with the best features to help account owners suitably manage their finances. Some of the current accounts available include:
- Classic current account.
- Student current account.
- Advantage current account.
- Premier’s current account.
- Diaspora current account.
The savings account offered by Ecobank is made explicitly for individuals interested in maintaining a savings culture. With multiple savings products, one can carefully chase their goals with a safe and secured platform for savings. Some of the savings products available in Ecobank include:
- Classic savings account.
- Student savings account.
- Advantage savings account.
- Premier savings account.
- Diaspora savings account.
One can enjoy various banking services from either of the above Ecobank Accounts.
How To Get A Loan Or Overdraft From Ecobank
An individual with either Ecobank Accounts can suitably get a loan or overdraft. These loans can be accessed whenever one is in urgent need of funds.
To apply for a loan from Ecobank through either of the Ecobank Accounts, you would need to visit any of their branches or utilize the Ecobank loan USSD code.
Requirements For Ecobank Loan
Below are some of the requirements that one must fulfill to get access to Ecobank loans:
- An applicant must have been banking with Ecobank for at least 6 months.
- An applicant must provide a valid means of identification like a National ID.
- An applicant must provide a utility bill.
The Benefits Of The Ecobank Accounts
Ecobank Accounts offers one an ideal and perfect way of managing their finances while meeting their goals. Below are some of the benefits of utilizing Ecobank Accounts.
- Once you open and fund your account, you will get a credit card.
- An individual can suitably obtain loans and mortgages.
- An individual can enjoy Asset Acquisition Services.
- One can comfortably monitor their spending through periodic bank statements.
- One can save and also earn interest on their savings.
An individual can apply for Ecobank Cards after signing up and opening either of the above-discussed Ecobank Accounts.
They are diverse cards that one can use to access their account through ATMs, Cashless Payment (POS), or when conducting transactions online.
One can apply for and obtain Ecobank Accounts cards such as Debit Cards, Credit Cards, and Prepaid Cards at the nearest Ecobank branch.
Like every other bank, Ecobank charges some fees for the Ecobank Accounts held by customers. These fees are related to transactions conducted from the Ecobank Accounts.
Ecobank charges N10 on transfers, but this fee could increase depending on the amount one intends to transfer.
Through the RapidTransfer App, one can make transfers abroad with zero fees.
How Ecobank Makes Its Money
Ecobank makes its money from the list of banking services that it offers to customers. There are a lot of individuals who are account holders with either of the available Ecobank Accounts.
Below are some of the ways through which Ecobank makes its money.
- Transaction Fees (Withdrawals and Transfers).
- Deposits from Ecobank Accounts holders.
- Interest on loan facilities provided to customers.
- External investment.
Pros Of Ecobank
Ecobank is one of the trusted and most utilized banks in Africa, with a strong presence and many customers. Below are the pros of Ecobank that Ecobank Accounts holders can enjoy.
- Savings feature.
- Fast customer service response.
- Access to multiple loan facilities.
- Discounts on transactions conducted with Ecobank cards.
- Ecobank Accounts holders can utilize the Ecobank App for ease of conducting transactions.
Cons Of Ecobank
Despite being one of the best banks available, some negatives exist in utilizing Ecobank Accounts. Below are the cons of Ecobank Accounts.
- High fees on large transfer amounts.
- Limits on deposits into some Ecobank Accounts.
Ecobank USSD Code
Ecobank Accounts holders can suitably transfer money from Ecobank to other banks using the available USSD code.
To transfer money from either of the available Ecobank Accounts, one can dial the code *326#. Through this specific code, you can comfortably conduct transactions on your mobile device.
Requirements To Register For The Ecobank Transfer Code
Before one can register for the Ecobank transfer code, they need to provide the below-listed things.
- Phone number for USSD code registration.
- Account number with Ecobank.
- Phone number linked to your Ecobank Accounts.
- Debit or Credit Card details.
These are the major requirements for one to register for the Ecobank USSD code for transactions.
How To Contact Ecobank Customer Care
Ecobank Accounts holders can comfortably contact Ecobank customer care whenever they have a complaint to make.
One can visit the Ecobank official website www.ecobank.com and conduct a live chat with their help desk.
Alternatively, one can utilize the contact below to reach out to their customer care representatives.
Call: 0700 500 0000
Ecobank is one of the best and most active banks in Nigeria, which an individual can utilize to enjoy multiple banking services.
One can suitably decide on the specific Ecobank Accounts to open for usage. We hope this article provides valuable information on the types of Ecobank Accounts.
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