Ecobank Extends Remittance Services to Business Account Holders

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By Aduragbemi Omiyale

Business account holders with Ecobank Nigeria Limited can now 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 directly into their business accounts.

The financial institution confirmed this development in a statement issued on Monday, noting that the extension of the innovative remittance services to the account category is to create a more robust remittance offering as efforts are being made to enlist other International Money Transfer Operators (IMTOs).

The Head of Consumer Banking at Ecobank, Mrs Korede Demola–Adeniyi, explained that the action was in line with the bank’s strategy to provide accessible remittance services to Nigerians, listing the various channels through which these remittances can be accessed as the Rapidtransfer app, Ecobank Mobile App, Ecobank Online, and any of the bank branches.

She said the service affords business owners in Nigeria to receive monies sent by both individuals and corporate organisations anywhere in the world instantly 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.

“For us as a bank, we are excited about these and other future collaborations as our contributions to driving remittance inflows into the country, promoting trade and foreign direct investments, creating businesses, spurring entrepreneurship, and generally developing 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,” she said

“The Rapidtransfer is our proprietary product. It is licensed by the nation’s apex bank; the 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,” Mrs Demola–Adeniyi added.

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