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Ecobank backs CBN’s cash-lite initiative

By BusinessNews Staff on January 28, 2014

Ecobank Nigeria has said it is committed to the cash-lite policy of the Central Bank of Nigeria.

This, it said, prompted its unveiling of a ‘card 4 prizes promo’ to promote the use of alternative payment channels by customers.

According to the bank, the promo, meant to run for three months, will see its customers winning prizes such as sedan cars, all-expense paid trip to Brazil and scholarships valued at N300, 000 each for different sets of winners.

The statement quoted the Ecobank Head, Cards and e-banking, Mr. Tunde Kuponiyi, as saying that there would be three monthly draws and a grand finale to be held in Lagos, Port Harcourt and Abuja.

According to him, 15 winners will emerge monthly from the draws.

“Each of these winners will take home smart phones, LCD TVs, air conditioners, home theatres and power generating sets. There is also instant reward for customers who walk into any of the bank branches, pick up debit cards and activate them instantly.”

On the modalities for the promotion, Kuponiyi explained that “a point based rating” would be utilised in choosing winning customers.

This, he said, meant that customers would be awarded points for every transaction done on the bank’s alternative channels.

The alternative channels, he stated, included cash withdrawals from Ecobank’s ATMs, purchases on Point of Sale terminals and Internet payments.

He added that ‘Value Added Services’ referring to other transactions done via the ATM such as interbank transfers, quickteller bills payment amongst others, would be counted as Internet payments.

However, he said withdrawals done on other bank’s ATMs would not attract any point.

Kuponiyi said customers were expected to accumulate a minimum of 20 points to qualify for the monthly draw, while the grand finale draw would be based on total accumulated points during the course of the promo.

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