To boost inward remittance, Ecobank Nigeria Plc has entered into alliance with Transfast, a leading international provider of cross-border payments and remittance solutions,
A statement from the bank says the strategic partnership will further ease expatriates funds transfer from across the world into Nigeria.
“With this arrangement, Nigerians working in other countries can send money through any of Ecobank’s branch network, in local currency, direct to the beneficiary’s bank account every hour of the day, or for cash pick-up at more than 3,500 payout locations in Nigeria,” the statement adds.
Speaking at the agreement signing event in Lagos, Tunde Kuponiyi, Head, Consumer Banking, Ecobank Nigeria, said the partnership with the global money transfer service provider was in line with Ecobank’s decision to boost its remittances bouquet of product and services for its customers.
He stated: “This latest addition reinforces our commitment as a bank to giving our customers access to world class service. Transfast has a pedigree for swift and excellent service delivery. We are confident this will further stimulate activities in the remittance business.
This new addition is to give our customers a more robust option on our list of remittance products. We already have available to our customers Rapid Transfer, Western Union, Money Gram or Ria Money Transfer in any Ecobank location in the country”.
The Director EMEAA, Transfast, Samir Vidhate, in an earlier statement said that as a global player in payment processor and funds transfer, the company understood the vital lifeline provided by remittances being sent back to Nigeria. He said the company was working daily to drive greater awareness of its service to Nigerians living and working abroad.
He added: “We are committed to the region and will be closely partnering with banks for continued growth. We want customers from Nigeria to know that Transfast always delivers great value when you are sending money home. Our company is pleased to visit Nigeria to meet our valued partners and customers, and to share that message.”
Recall that a report by the World Bank put remittances to Nigeria at $35billion in 2016 and $21billion in 2015.