Ecobank signs cross-border remittance deal to enhance inclusive financial services

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Ecobank, the leading pan-African bank, has undertaken a cross-border remittance agreement with Alipay, the world’s leading payment and lifestyle platform, to bring more inclusive financial services to users.

According to a statement by APO Group, the deal is aimed at providing a fast, safe, affordable and convenient way for workers to transfer money back home.

The partnership is intended to facilitate instant transfers from Rapidtransfer, Ecobank’s remittance solution, to users of Alipay, which serves more than 1.2 billion people globally together with its local e-wallet partners.

It is also met to provide an additional channel option which will increase options available to users, help lower transaction costs and enhance the quality of service in the market.

According to Nana ABBAN, Head, Ecobank’s Group Consumer Banking said: “Our panafrican cross-border remittance solution, Rapidtransfer, has over the years been delivering transparent, convenient, and affordable services to the African diaspora and their African-based dependants. So, it is a natural extension for us to use it to deliver the same advantages to migrant workers across Africa. Through our partnership with Alipay we are further leveraging the scale and capacity of our unified payments ecosystem on the global stage.”

“We are excited to partner with Ecobank and use our technology to bring fast, affordable, and convenient remittance services to more users globally, especially workers who are living far from home,” said Ma ZHIGUO, Alipay’s head of the global remittances business. “We are committed to working with partners such as Ecobank, using innovative technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.”

“The solution will be rolled out across our entire footprint, subject to required local approvals,” the statement added.

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