Ecobank has partnered with Alipay by signing a cross-border remittance agreement. Alipay is the world’s leading payment and lifestyle platform that aims to bring more inclusive financial services by providing a fast, safe, affordable and convenient way for workers to transfer money back home.
This partnership will facilitate instant transfers from Ecobank’s remittance solution Rapidtransfer 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 which will increase options available to users, help lower transaction costs and enhance the quality of service in the market.
Ecobank Group Head of Consumer Banking Nana Abban said “Our Panafrican cross-border remittance solution, Rapidtransfer has over the years been delivering transparent, convenient and affordable services to the African disapora an dtheir 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 global stage.”
Also speaking, Alipay’s head of global remittances business Ma Zhiguo said that “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.” We are committed to working with partners such as Ecobank, using innovation technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.
Ecobank intends to roll out the solution across their entire footprint subject to required local approvals.