Leading pan-African bank, Ecobank has signed a cross-border remittance agreement with Alipay, the world’s leading payment and lifestyle platform, which 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.
“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,” Nana ABBAN, Ecobank Group Consumer Banking Head said in an official statement.
On his part, Ma Zhiguo- Alipay’s Head of Global Remittance Business- expressed optimism in striking the new deal with Ecobank.
“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. 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.” Mr. Zhigou explained,
The solution will be rolled out across Ecobank’s entire footprint, subject to required local approvals.