Ecobank partners with Alipay to bring more inclusive financial services to users

Ecobank signed a cross-border remittance agreement with Alipay 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 that 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 of Ecobank, 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.”

“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,” said 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 Ecobank’s entire footprint, subject to required local approvals.

Re-disseminated by The Asian Banker

Diary of Activities
The Future of Finance Summit 2020
08 - 09 July 2020 | Malaysia
Finance Africa 2020
16 July 2020 | South Africa
Finance China 2020
06 August 2020 | China