Ecobank recently introduced a new system called Xpress Save and Loan designed to encourage savings, at the same time allowing eligible customers to obtain short term quick loans via the Ecobank shortcode (*326#) USSD platform. Xpress Save and Loan are digital products targeted at the financially excluded.
Ecobank Xpress save and loan will be more secure and convenient especially to some people who are afraid of submitting their BVN and ATM details to other loan providers, at least you are going to be dealing with your bank and not some unknown loan apps. If you want to try out the Xpress loan then I have a full detailed guide on how to go about it below.
Benefits of Ecobank Xpress Save and Loan
* Savings opportunities and transaction convenience
* Interest rate of 4.2% p.a. applicable to savings
* Online real-time self-service loan application – do it yourself. No stress!
* Cash on the go - access to instant cash loan to meet immediate needs
* Convenient repayment pattern/plan
* Secure channel of banking
* Easy to use.
How to open Xpress Save Account
Xpress Save account is opened through the USSD code, i.e Dialing *326#, and selecting Xpress to save option.
Please note that BVN is a compulsory requirement for Xpress Save Account. However, an Xpress Save Mobile Wallet will be opened if you could not provide BVN at the time of account activation.
You will be prompted to update your BVN at the nearest Ecobank branch. The account will be migrated from Xpress Save Mobile Wallet to the Xpress Save account in order to qualify for Xpress Loan.
Xpress save deposit and withdrawal
Xpress Save account is wholly a digital account, withdrawal can be made via account-to-account transfer on the USSD code, and Xpress Cash (Token) via ATM and Xpress Point Channel (Agency banking).
Loan eligibility status and Balance Inquiry
Xpress Loan is available to Ecobank account holders and any other Bank customers who meet the following criteria:
* Customers must be Xpress Save Account holders.
* Updated customers BVN details
* Frequent transactions on Xpress Save account
If you are an eligible customer, you can check your balance in your account by dialing the USSD code *326#, select Xpress loan, then check balance. You can also check your eligibility by dialing *326#, then select Xpress loan. Loan eligibility status pops-Up.
Xpress Loan will not be available to all customers. It is only available to customers who have opened the Xpress Save account and have updated their BVN details. However, there are some fees and charges attached to Xpress loan but it depends on the tenor opted for by the customer and will be clearly stated when you are offered a loan.
How to request for Xpress Loan and Loan repayment
Eligible customers can request for Xpress Loan, by dialing the USSD code *326#, select loan request, Amount, Tenure, Terms & Conditions, then Pin.
You can borrow between NGN 1,000 and NGN 15,000 based on what you are eligible to borrow, you can borrow Xpress Loan as many times as possible as long as you have no outstanding Xpress Loan obligations.
For loan repayment, the system will automatically recover the loan from your Xpress Save account at maturity or you initiate a full/partial repayment before maturity via the USSD code *326#, “Repay Xpress Loan” menu. You will receive a notification when your Xpress Loan is due for repayment.
Xpress Loan maturity period
The Xpress Loan has a maturity period of 7 days, 14 days, and 30 days. You can make full or partial repayments before maturity without penalty. Payment can be made through the “Repay Xpress Loan” menu using the USSD code. You will receive a notification when your Xpress Loan is mature and due for repayment.