[Ghana] Ecobank to allow investing public buy treasury bills through mobile phones
Ecobank Capital Advisors Ltd., a subsidiary of Ecobank, in collaboration with MTN Mobile Money, has introduced the Ecobank TBill4All.
The Ecobank TBill4All is a self-service, digital product that allows Ghanaians to invest in 91 day and 182 day Treasury bills using the mobile money platform.
The launch, which took place at the Accra Movenpick Hotel on Thursday in Accra, brought together potential beneficiaries and key stakeholders involved in investment and wealth creation in Ghana.
The main guest speaker for the occasion, the Director General of the Ghana Securities and Exchange Commission, Dr Adu Anane Antwi, spoke on the benefits of the product to Ghana’s economic growth.
The Ecobank TBill4All service is the first of its kind in Sub-Saharan Africa; the service is designed to increase savings and investments as well as mass participation in the Securities and Capital markets by all Ghanaians.
Using mobile phones, individuals can now invest in Government of Ghana Treasury bills anytime anywhere and with as little as five Ghana Cedi.
Ecobank TBill4All has the added benefit of providing financial inclusion and convenience. The product will also remove the perception that Treasury Bills is an elitist product and position it as an investment vehicle for all.
As a self-service platform, subscribers have absolute control of their transactions.
It is, therefore, a means for encouraging the culture of savings and wealth creation in Ghana and indeed has the potential of becoming a key catalyst of socio-economic growth through sustained interest and participation by all Ghanaians in the savings drive.
Speaking at the launch, the First Deputy Governor of the Bank of Ghana, Millison Narh also commended Ecobank and congratulated them for staying close to their customers and coming up with such an innovation.
Ecobank has been at the forefront of digitally driven initiatives for financial service. The development of Tbill4all is a testament to Ecobank’s commitment to levelling the playing field in the investment sector.
He applauded Ecobank for its efforts in this direction, and for once again, taking the lead, and setting the pace for a new investment agenda.
Executive Director at Ecobank Ghana and Head of Consumer Banking for Ecobank Ghana and Anglophone West Africa, George Mensah Asante, spoke on behalf of the Group Executive for Consumer Banking, Mr. Patrick Akinwuntan.
He indicated Ecobank’s delight in being at the forefront of encouraging an all-inclusive savings and investments culture within Ghana.
He added that Ecobank was interested in the promotion of financial services through technological enhancement and that this service forms part of a series of technologically enabled platforms that would transform banking and financial services in Ghana.
The service will also be available on Ecobank internet banking, Ecobank Mobile App and eventually on all networks of the group to ensure greater financial inclusion across the continent.
