Ecobank has won the Best Remittance Product and Service of the Year by the Asian Banker Excellence in Retail Financial Services Awards for West Africa. Their Rapid Transfer App was selected following a rigorou process that saw the Asian Banker assessing banks and non-bank retail financial services in the Asia Pacific, the Middle East and West Africa. Ecobank was selected from 300 banks and non-bank retail financial services in more than 42 countries.
The Excellence in Retail Financial Services programme is cited as one of the most rigorous, prestigious and transparent awards programme for consumer financial services. Through the awards the Asian Banker aims to capture the evolving competitive landscape and recognise outstanding players and initiatives, from which the industry can learn from.
Receiving the award on behalf of the Ecobank Group, Executive Director, Commercial Banking, Carol Oyedeji stressed that Ecobank's retail business has witnessed substantial transformation, innovation and growth in all its segments and dimensions – customers, products and channels.
Ecobank is now being commonly regarded as digital payment solution bank because of its offerings such as Rapid Transfer, EcobankPay, OMNI and Xpress account, among others.
Linus Adaba, Ecobank Group Head, Remittances & Mobile Money, described the awards as a worthy recognition of the Rapid Transfer App which is one of Ecobank’s landmark initiatives designed to enable Africans in the diaspora to send money to their loved ones back home on the continent.
“Many Africans work elsewhere in Africa, or further afield in Europe, America and Asia and financially support their relatives back home. “Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient. This will have a multiplier effect on the African economy by boosting demand and driving business growth. Rapidtransfer removes all of bottlenecks and high cost of sending money back home. Its standout affordability is a game changer in the way that Africans send money to their loved ones. The Rapidtransfer App can be downloaded in both App & Play stores and setup takes less than 5 minutes."
Commenting on the award, Ecobank Zambia Managing Director Mr. Kola Adeleke said that Ecobank will continue to leverage on the power of digital platforms to deliver quality services to its customers in a convenient, accessible and reliable manner.
Adeleke said, “We are happy to inform you that your friends and relatives in the diaspora can send money back home using Rapidtransfer App for as little as 0% until 30th June 2019”