Ecobank Rapid Transfer is an Ecobank’s proprietary money transfer service that eases payments within Kenya and across Africa using Ecobank’s extensive branch network. Ecobank is the world’s only African based regional banking group that is offering fully serviced banking operations with over 1305 branches and offices in 36 English, French as well as Portuguese speaking countries in East, West and Central Africa.
Speaking during an exclusive interview, Mr. Wangome Robin, the Manager Remittances and Diaspora at Ecobank Kenya said that Ecobank is a bank that a customer can put trust in to reach greater heights.
The Rapid Transfer service is beneficial to its users in many ways such as:
- The service is real time. During a transaction, funds are sent and received instantly.
- One is able to send and receive funds through Rapid Transfer via his or her Ecobank Bank account.
- The service is very convenient. There is no need to source for foreign currency. One sends in local currency and the receiver receives in his or her own local currency.
- The most important feature is that the service is available to both Ecobank Bank account owners and those who do not.
“Ecobank has an extensive footprint across 36 African countries and over 1305 branches. This has brought Rapid Transfer services closer to the customers and, therefore, creating a lot of convenience,” said Mr. Wangome.
The limit for rapid transfer varies from country to country as per the stipulated laws of that country. For instance, the limit to be transferred from Kenya is 10,000 US Dollars but there is no limit in receiving.
“There are many money transfer outlets on the market today but Rapid Transfer stands out because one can send or receive Rapid Transfer directly into their Ecobank Bank accounts”, said Mr. Wangome Robin, the Manager Remittances and Diaspora at Ecobank.
The estimated market within Africa for Rapid Transfer is often determined by the remittance flows between countries where Ecobank operates. The estimated target is 9.39 billion US dollars based on the 2014 remittance figures from the World Bank with West Africa being the largest target market with 53.7 percent.
Rapid Transfer is now available on the Ecobank’s Retail Internet Banking platform and will soon be on the bank’s web portal as well as a mobile app. This will greatly create convenience for the customers as they can do their transactions at the comfort of their homes and offices.