Eko leverages existing retail shops, telecom connectivity and banking infrastructure to extend branchless banking services to the common man. Eko also partners with institutions to offer payment, cash collection and disbursal services. Customers can walk-in to any Eko counter (retail outlet) to open a savings account, deposit & withdraw cash from the account, send money to any part of the country, receive money from any part of the world, buy mobile talk-time or pay for a host of services. A low cost mobile phone acts as the transaction device for retailers and customers.
Eko provides a multi-modal (USSD, SMS, IVR and Application) approach to perform a transaction, hence the service works across all phones i.e. lowest to most sophisticated handsets. Eko also uses a two factor strong authentication to complete the transaction. It has created and patented a low cost One Time Password (OTP) generator called ‘OkeKey’. Performing a transaction only requires numeric literacy for number dialing. It has created a world-class transaction platform called ‘SimpliBank’ that is used by multiple partners.
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