'Innovative' Ecobank extends remittance services to business account holders

Ecobank Nigeria, an affiliate of the leading Pan-African banking Group, Ecobank Group, has extended its innovative remittance services to its business account holders.

Under the new plan, business customers will be able to instantly receive funds sent through Ecobank Rapidtransfer or any of the bank’s remittance partners from other businesses anywhere in the world directly into their bank accounts.

Similarly, they will be able to instantly receive remittances from their customers and transfer money to other business customers’ bank accounts.

The launch of the service follows the implementation of a seamless account opening procedure for customers who do not have domiciliary accounts with Ecobank Nigeria so that they can leverage the service for effective money transfers.

The pan-African Bank is also working to enlist other International Money Transfer Operators (IMTOs) for a more robust remittance offering.

Disclosing this in Lagos, Head of Consumer Banking Korede Demola – Adeniyi, said the development was in line with the bank’s strategy to provide accessible remittance services to Nigerians all over the world, listing the various channels which these remittances can be accessed through as the Rapidtransfer app, Ecobank Mobile App, Ecobank Online, and the bank’s branches.

“We are excited about these and other future collaborations as our contributions to drive remittance inflows into the country, promote trade and foreign direct investments, create businesses, spur entrepreneurship, and generally develop the Nigerian economy. There are several benefits for business account holders including no limits to how much they can receive, no hidden charges and the opportunity to invest the funds received in foreign currency at a competitive rate,” she said.

She added that Rapidtransfer, Ecobank’s proprietary product, is licensed in Europe and by the Central Bank of Nigeria (CBN) as an international money transfer service. Diaspora remittances can be sent from anywhere in the world using the Rapidtransfer app – available for download in the Google Play and iOS stores.