Ecobank’s Rapid Transfer product is breaking grounds, enabling money transfer across geographical boundaries and bridging the gap between families and friend across Nigeria and Africa.
For traders and non-resident nationals all over the African continent, Rapid Transfer, a well thought-out financial product, provides a platform to remit money with ease. It is the fastest, most secure, convenient and reliable medium to transfer and receive money both across Nigeria and in thirty five other African countries where Ecobank operates.
Those were the words of Tony Okpanachi, deputy managing director of Ecobank Nigeria, during a chat with newsmen in Lagos. According to Okpanachi, the Rapid Transfer product is primarily designed to provide a quick payment solution for economic operators across the region with a view to facilitating economic integration.
The product will on the long run progressively migrate regional transactions from the informal sector to the formal sector, thus signalling economic development and transformation.
Okpanachi who was speaking against the backdrop of end of year’s money transfer solutions for bank customers in Nigeria, said the product is available to all categories of people such as workers, parents/guardians, students, small business owners who are the predominant players in the informal sector, traders, religious organisations and travellers within Africa.
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He reiterated that Rapid Transfer which comes in different dimensions presents a total package for the customer as transfers could be in the form of Cash to Cash; Cash to Account; Account to Cash; Account to Account and Cash Pull. The product is structured in such a way that it accommodates both account holders and walk-in customers.
While customers of the bank could make transactions to the limit of N1.5m per customer (or an equivalent of US$10,000 at prevailing exchange rate), walk-in customers, that is non-account holders have a limit of N500,000 after presenting a suitable identification.
Customers and non-account holders have a maximum of three transactions per week and all transactions are done in the local currencies of the countries involved. Funds received are made available for payment to the receiver at any Ecobank branch within five minutes except in countries where remittance laws differ on this rule.
According to Okpanachi, apart from its primary core offering such as being a convenient, safe, reliable and rapid means of transferring money across Nigeria & 35 other African countries, Rapid Transfer allows for funds to be sent in local currency of the sender while the receiver gets it in his/her local currency.
Thus, it completely eliminates the need to source for foreign currency before a transfer is made. In addition, since the product allows for account to account transactions, senders and receivers are saved the risk of carrying cash about & the full amount is delivered to the receiver while the sender takes care of the charges.
