Ecobank Group enters cross-border remittance partnership with Alipay
The
leading pan-African bank, Ecobank has signed a cross-border remittance
agreement with Alipay, the world’s leading payment and lifestyle platform that
aims to bring more inclusive financial services by providing a fast, safe,
affordable and convenient way for workers to transfer money back home.
The partnership will 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.
This
provides an additional channel option which will increase options available to
users, help lower transaction costs and enhance the quality of service in the
market.
Nana Abban, Group Consumer Banking Head said “Our pan African 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,” she said.
“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,” 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.
BY TIMES REPORTER