Ecobank reveals zero-fee policy for Diaspora Day


Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Ecobank, one of Nigeria’s leading banks, has confirmed that it will temporarily suspend fees on its online money transfer app Rapidtransfer in order to celebrate the country’s National Diaspora Day.
  • Customers will be able to receive cash from abroad with no Rapidtransfer fee and will be able to either take it out in cash or leave it in their account at one of the bank’s branches.
  • “From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively,” said a senior spokesperson for the bank.

Ecobank, a leading Nigeria-based bank, has confirmed that it will waive fees on its online money transfer app for several months because of the country’s National Diaspora Day.

The bank said that the fees for money sent via its Rapidtransfer app will be removed from the start of July.

The fee-free period will last until the end of October of this year.

It means that it will be possible for Nigerians based outside of the country to send money home more cheaply than usual.

Between these dates, those receiving money can do so directly into their Ecobank account, or can collect it as cash from a local branch.

Those without domiciliary accounts are also able to receive cash in a foreign currency such as the US dollar, the British pound or the euro.

These customers will be able to keep the money in a foreign currency account.

National Diaspora Day takes place on 25th July.

The Nigerian federal government intends to use the day to celebrate the contributions made by Nigerians living abroad.

The initiative has been led, in part, by the Nigerians in Diaspora Commission (NiDCOM).

In a statement, a senior leader at the bank said that the company wanted to help promote economic growth in the region.

Patrick Akinwuntan, who is the managing director of Ecobank Nigeria, said that the company was glad to be working with NiDCOM to ensure that those in the diaspora were supported.

“As a pan-African institution positioned to foster the economic growth and integration of our continent, we are particularly pleased to work closely with NiDCOM, ably led by the Chairman/CEO, Hon Abike Dabiri-Erewa towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation,” he said.

He went on to say that the company has worked hard to understand the requirements of those Nigerians who are living or working abroad.

“From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively.”

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