Ecobank extends remittance services to Nigerian business account holders

By Onome Amuge.

Ecobank has announced the extension of its innovative remittance services to enable business account holders to receive and enjoy more robust remittance services from anywhere in the world via the Ecobank Rapid Transfer service.

The development, according to the bank, is to enable Nigerian business account holders receive funds sent through Ecobank Rapidtransfer or any of its remittance franchise partners through the Business to Business (B2B), Business to Customer (B2C) and Customers to Business (C2B) transaction types directly into their business accounts.

The pan-African banking conglomerate with banking operations in 36 African countries confirmed the development in a recent statement signed by Korede Demola-Adeniyi, its head of consumer banking.

Demola-Adeniyi explained that the action was in line with the bank’s strategy to provide accessible remittance services to Nigerians, listing the various channels through which these remittances can be accessed as the Rapidtransfer app, Ecobank Mobile App, Ecobank Online, and any of the bank branches.

She disclosed that the service affords Nigeria-based business owners the opportunity to receive monies sent by both individuals and corporate organisations anywhere in the world instantly to their Ecobank domiciliary accounts.

The head of consumer banking added that the bank has put in place seamless account opening procedures for those who do not have domiciliary accounts for them to enjoy the service.

“For us as a bank, we are excited about these and other future collaborations as our contributions to driving remittance inflows into the country, promoting trade and foreign direct investments, creating businesses, spurring entrepreneurship, and generally developing the Nigerian economy,” Demola-Adeniyi said.

“Some of the benefits for business account holders include no limits to how much they can receive, no hidden charges and there is also the opportunity to invest the funds received in foreign currency at a competitive rate,” she said.

Demola-Adeniyi, who described the Rapidtransfer offer as the bank’s proprietary product, confirmed that It is licensed by the Central Bank of Nigeria (CBN) as an international money transfer product and it is also licensed in Europe.

She noted that diaspora remittances can be sent from anywhere in the world using the Rapidtransfer app, which is available for download in the Google Play and iOS stores, adding that efforts are ongoing to enlist other International Money Transfer Operators (IMTOs).