WED, FEB 12 2020-theG&BJournal– Ecobank, leading Pan African bank, has signed a cross-border remittance agreement with Alipay, the world’s leading payment and lifestyle platform.
Both companies aim to bring more inclusive financial services by providing fast, affordable and convenient way for workers to transfer money back home with the deal.
According to a statement by Ecobank, the partnership will facilitate instant transfers from Rapidtransfer, Ecobank’s remittance solution, to users of Alipay, which serves more than 1.2 billion 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,’’ the bank said.
The Group Consumer Banking head, Nana Abban 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’s 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.’’
MA Zhiguo, Alipay’s Head of Global Remittances business, expressed delight at the partnership with the Ecobank Group. He said, ‘’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.’’
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