Ecobank Nigeria celebrates directors, launches Rapidtransfer Mobile app.
In keeping with its tradition of leadership in digital banking in Africa, Ecobank has introduced a dedicated mobile remittance application called Rapidtransfer.
Managing Director, Ecobank Nigeria Limited, Patrick Akinwuntan, unveiled the Rapidtransfer app at a dinner to celebrate outgoing members of the Ecobank Nigeria board and to welcome its newly appointed directors.
Speaking at the event, Akinwuntan stated that historically the cost for Nigerians in the Diaspora to send funds home has been too high, while the process has long been 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. Rapidtransfer removes all of these issues and its standout affordability will be a game changer in the way that Nigerians can send money to their loved ones,” he said.
Akinwuntan, who was officially welcomed to his new role as Managing Director and Regional Executive of Ecobank Nigeria and onto the Ecobank Nigeria Board of directors, added: “Many Nigerians work elsewhere in Africa, or further afield and financially support their relatives back home.
“Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient. This will have a multiplier effect on the Nigerian economy by boosting demand and driving business growth.”
He explained that apart from being intuitive, easy to navigate and multi-lingual with English, French, Spanish and Portuguese variants, the app provides simple and secure digital onboarding.
“Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction. Charges range from 0 percent to 3 percent depending on the options the customer selects.
“The Rapidtransfer mobile app will enable Nigerians anywhere to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries and globally,” he stated.
Nigeria is Africa’s largest recipient of international remittance inflows and is also the fifth largest remittance recipient globally. It received $22 billion in 2017, which accounted for 5.6 percent of Nigeria’s Gross Domestic Product (GDP).
In 2015 remittances received included $5.59 billion from the United States, $3.7 billion from the United Kingdom and $2.29 billion from Cameroon.
In the first quarter of 2018, the average cost of sending $200 globally was 7.1 percent, and remittance services in Sub-Saharan Africa were the costliest in the world at an average cost of 9.4 percent.
The International Sustainable Development Goals (SDGs) aims to reduce the average transaction cost of remittances to less than 3% of the remittance amount by 2030.
Akinwuntan also outlined his vision for driving Ecobank Nigeria forward and assure his fellow board members of his ambitions for growth, saying, “We will provide customer service excellence and a suite of innovative and convenient banking services that make banking easy for retail and corporate customers alike.”