Pan-African bank Ecobank has signed a cross-border remittance agreement with payment and lifestyle platform Alipay 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 1.2bn 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.
Nana ABBAN, Group Consumer Banking head, 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.”
Ma ZHIGUO, Alipay’s head of the global remittances business, commented, “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 our entire footprint, subject to required local approvals.
