Pan-African lender Ecobank has introduced a mobile application that allows individuals to remit money to beneficiaries in any of the 33 African countries where the lender operates, as well as slashed the cost of transaction.
The mobile app Rapidtransfer is multi-lingual with English, French, Spanish and Portuguese variants, and users can choose how and when funds are delivered to the intended beneficiary.
The new charges range from zero to three per cent depending on the options the customer selects. Ecobank group chief executive Ade Ayeyemi said the app is a quick, easy and reliable digital solution. “We know that remittance flows into and across Africa from migrants working away from home have an enormously beneficial impact in powering Africa’s domestic economies,” said Mr Ayeyemi.
He said by reducing the costs of sending money, the app enables the beneficiary to receive more of the funds originally sent to them.