Ecobank partners Transfast to boost Nigeria’s remittances

Ecobank Nigeria has entered into strategic partnership with Transfast, an international provider of cross-border payments and remittance solutions, to further ease expatriates’ funds transfer from across the world to Nigeria.

According to a report by the World Bank, remittances to Nigeria were estimated at $35 billion in 2016, a significant increase from $21 billion recorded in 2015.

With this arrangement, the bank said Nigerians abroad can send money through any of Ecobank’s branch network, in local currency, direct to the beneficiary’s bank account 24/7, or for cash pick-up at more than 3,500 payout locations in Nigeria.

Speaking at the agreement signing event in Lagos, the Head of Consumer Banking, Ecobank Nigeria, Tunde Kuponiyi, said the partnership with the global money transfer service provider was in line with the bank’s decision to boost its remittances bouquet of product and services.

“This latest addition reinforces our commitment as a bank to giving our customers access to world class service.

“Transfast has a pedigree for swift and excellent service delivery. We are confident this will further stimulate activities in the remittance business,” he said.

This new addition, he said, is to give our customers a more robust option on our list of remittance products, which include the Rapid Transfer, Western Union, MoneyGram and Ria Money Transfer.

The Director, EMEAA, Transfast, Samir Vidhate, noted that as a global player in payment processor and funds transfer, the company understands the vital lifeline provided by remittances being sent back to Nigeria.

According to him, the company was working daily to drive greater awareness of its service to Nigerians living and working abroad.

“We are committed to the region and will be closely partnering with banks for continued growth.

“We want customers from Nigeria to know that Transfast always delivers great value when you are sending money home. Our company is pleased to visit Nigeria to meet our valued partners and customers, and to share that message,” he said.