- Ecobank Nigeria’s RapidTransfer will provide convenient money transfer services to the Nigerian diaspora and their families
- Ecobank’s new product may be a welcome development but the bank in general is getting a lot of negative reviews
- The bank is aiming to increase its customer base to 100 million by the year 2020, according to reports from Lagos
Ecobank Nigeria just introduced its remittance platform to take advantage of the international money transfer market in the continent. With Africa receiving an estimated $63 billion per year, Ecobank’s new venture is full of potential observers say.
RapidTransfer will usher in better digital banking in Africa according to reports, as it will make it less costly for the African diaspora to remit money to friends and family. The news was disclosed by the bank’s managing director Patrick Akinwuntan during a dinner with the board.
Akinwuntan said that fees charged by traditional money transfer services in the country are high, inefficient, and burdensome. “Customers often have to physically visit an agent and yet are left with little or no clarity as to when the funds will actually reach the intended recipient”, he said. The bank’s solution will get rid of said issues according to Ecobank representatives, as it is convenient and affordable.
With RapidTransfer's affordable fees, Nigerians working abroad will be able to save more, while their recipients will get more money. Akinwuntan added that: “this will have a multiplier effect on the Nigerian economy by boosting demand and driving business growth”.
Based on recent reports, Ecobank wants to increase its customer base to 100 million by 2020. The bank currently has 9 million clients in Nigeria and serves 35 other countries in the continent.
While the news about RapidTransfer is a welcome development, many Ecobank customers are not satisfied with the bank’s brand of service. In a Facebook review, Houssaina Bou said: “Just close shop. I think providing efficient, courteous service is beyond you.”
Find out more about new developments in the remittance industry by following our magazine.
