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Ecobank extends remittance services to business accounts

Ecobank Nigeria has extended its innovative remittance services to its business account holders. This implies that Business Account holders can 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 into their business accounts. The bank is also working to enlist other International Money Transfer Operators (IMTOs) for a more robust remittance offering.

Head of Consumer Banking Korede Demola-Adeniyi, said the launch of the service affords business owners in Nigeria to receive monies sent by both individuals and corporate organisations anywhere to their Ecobank domiciliary accounts, stating 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.
She maintained that the development is in line with the bank’s strategy to provide accessible remittance services to Nigerians, listing the various channels which these remittances can be accessed as Rapidtransfer app, Ecobank Mobile App, Ecobank Online, and any of the bank branches.

For us as a bank, we are excited about these and other future collaborations as our contributions to drive remittance inflows into the country, promotes trade and foreign direct investments, create businesses, spur entrepreneurship, and generally develop the Nigerian economy. 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.

“The Rapidtransfer is our proprietary product. It is licensed by the nation’s apex bank; Central Bank of Nigeria (CBN) as an international money transfer product and it is also licensed in Europe. Diaspora remittances can be sent from anywhere in the world using the Rapidtransfer app – available for download in the Google play and iOS stores.”



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