ECOBANK Rapid Transfer has been named the winner of the Best Remittance Product in Africa Award at The Asian Banker’s 2nd Annual Middle East and Africa Awards held at the Ritz Carlton, DIFC, Dubai, United Arab Emirates, UAE at the weekend.
The Asian Banker provides information for the financial services industry in the form of publications, online materials such as e-newsletters, research, and conventions, and other industry gatherings. It is regarded as one of the Asian region’s leading consultancies in financial services research, benchmarking and intelligence.
Farrah Brake, Manager, Middle East & Africa, The Asian Banker, said the award identifies emerging best practices and outstanding achievements in retail financial services in the region. She stated that winners were selected after rigorous research. “The Excellence in Retail Financial Services. Programme is run on a completely neutral basis and unfunded over a 2-3 month period, involving a team of researchers assessing financial institutions across Middle East and Africa.”
Kingsley Umadia, Executive Director, South South/South East, Ecobank Nigeria, said the award was well deserved, as Ecobank has taken remittance business to higher level on the continent. “As a Bank, We are proud to offer the best in remittance product on the continent. We will continue to strive to remain the best and surpass customers’ expectations at all times.”
He explained that Rapid Transfer, one of Ecobank’s Remittance products has achieved tremendous success in the African financial landscape. “This product is facilitating economic integration in the region by making available more accurate statistical data for realistic inter-regional policy decisions; through Rapid Transfer, we have progressively capture and migrated regional transactions from the informal sector to the formal sector and also provide a convenient, accessible, reliable and rapid payment solution for economic operators across the region.”
Ecobank Nigeria’s Rapid Transfer service allows customers to send and receive transfers within five minutes from any of the bank’s locations. The service runs on dedicated and secure software and is robust enough to offer domestic as well as regional money transfers. It is supported by a strong operations team committed to providing fast, reliable and convenient service to customers.
The service has seen a year on year (YoY) growth of over 250% over the last two years and caters to a broad range of clients, from small traders to travelers. The bank offers a competitive rate of conversion and customers do not need an account to send or receive remittances. Money can be transferred via multiple channels including Internet banking and ATMs. The service has eliminated the risk of carrying cash while travelling.

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