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Ecobank Launches Cross-Border Rapid Transfer Service

Thursday, 17 June 2010 11:52

Source: Ratio Magazine

Ecobank Transnational Incorporated has launched its money transfer product dubbed “Rapid Transfer” in the Kenyan market after it was launched in the group affiliates about a year ago. The product gives existing customers traveling across Africa access to local currency of host countries where Ecobank has a presence.

The service is already operational in 30 countries of Africa including Kenya, Benin, Burkina-Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo-Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Tanzania, Togo, Uganda and Zambia seeks to increase the banks capability of providing accessible, flexible and convenient financial services.

Some of the unique features for Rapid Transfer are;

• Customers can send or receive money at all branches of Ecobank across Africa
• Transfer is instantly available at receiver’s location.
• Payments or receipts are in affiliates’ local currency. Convertible currency is available upon authorisation by regulators in a country.
• Payment for personal remittances and basic goods and services subject to country approval limits.
• Funds can be collected cash or credited into receivers accounts depending with the senders’ request.

Payments are in local currency, same day value; the product is open to existing and walk-in customers with valid form of identification.

Ecobank Kenya Managing Director Tony Okpanachi said: “The launch of this service augments our roll-out of developing innovative products that suit our customer needs. Rapid Transfer service is unique as it has a vast potential with appeal across all segments, taking banking to the unbanked population across the country. I am truly pleased to announce to you that our customers can now access funds in all the currencies under the Ecobank umbrella – the only Pan African bank present in all the East Africa Economic Community countries and other countries in Africa. ”

This offering, the first multi-currency card service in Africa, is expected to alter the payment system in the continent including creating a new level of convenience in global e-payments.

Ecobank Kenya received additional funds injection of KES1.15bn from its parent company Ecobank Transnational Inc, bringing the total amount received within the last 12 months to KES2.3bn.The bank will utilise the additional funding to support business growth, broaden its IT infrastructure as well as increase its product portfolio to customers.

Recently, Ecobank Group hosted its Annual General Meeting in the country where its shareholders received a 50% increase in dividend payments this year following a resolution approved during the Group’s Annual General Meeting held in Kenya.