The state of financial transactions and transfers in Zambia and other African countries is frustrating and exciting. It is complex and ripe for change in terms of tools to facilitate transactions and transfers, cross platform integration and levels of acceptance and trust.
Moving money within African countries has become somewhat easier with the ever increasing range of money transfer options. But what about moving money from one African country to another? Or from any continent to an African country?
“Historically the cost of sending cross-border remittances in Africa has been far too high. The process to send funds has long been inefficient and burdensome, with customers forced to physically go to an agent, and yet still have little or no clarity as to when the money will reach the recipient.” Mr. Ade Ayeyemi, Group CEO of Ecobank.
The fact is that a substantial proportion of migrants financially support their dependants ‘back home’ and the potential size of this remittance market is large. Here are some rather staggering remittance facts!
Enter Ecobank’s Rapidtransfer app. Charges range from 0% to 3% depending on the options the customer selects. It enables Africans wherever they may be to easily and instantly send money to bank accounts, mobile wallets and cash collection in — and across — 33 African countries.
Ecobank, the pan-African bank, is harnessing its digital expertise and innovation to bring efficiency and convenience to the international and intra-African remittance markets, while significantly reducing the costs to send funds.
As a pan-African bank, Ecobank is committed to enhancing the economic development and financial integration of the African continent. Mr. Ade Ayeyemi, Group CEO of Ecobank went on to say, “We know that remittance flows into and across Africa from migrants working away from home has an enormously beneficial impact in powering Africa’s domestic economies. By reducing the costs to send the money, Rapidtransfer ultimately enables the beneficiary to receive more of the funds originally sent to them, which in turn will have a multiplier effect on national economies by boosting demand and driving business growth.”
Mr Ayeyemi said, “The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all the issues previously associated with international remittances. It is a game-changer for Africans with its sustainable and standout affordability.”
This is certainly a positive move by Ecobank, making it one of the most competitively priced international remittance tools on the market.