Ecobank revealed that the introduction of RapidTransfer, a mobile remittance platform, which was implemented to fulfil its wish to promote digital banking in Nigeria.
The development was disclosed by Mr. Patrick Akinwuntan, Ecobank’s new Managing Director, who spoke at a dinner in Lagos organised to celebrate outgoing members of the Ecobank Nigeria Board, as well as to welcome newly appointed directors.
According to Akinwuntan, the cost for Nigerians in the diaspora to send funds home used to be far too high, while the process itself has been inefficient. He said “customers often have to physically visit an agent and yet are left with little or no clarity as to when the funds will actually reach the intended recipient.”
Akinwuntan noted that RapidTransfer will address the issues associated with transferring funds to the country, adding that affordability would be a game changer in the way Nigerians send money to their loved ones. He also outlined his vision for driving the bank going forward and assured board members of his ambitions for growth.
The new Managing Director said the bank will stay ahead by providing excellent customer service and a suite of innovative and convenient banking services that makes banking easy for retail and corporate customers alike. He revealed that “Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient. This will have a multiplier effect on the Nigerian economy by boosting demand and driving business growth”.
Akinwuntan added that “we (Ecobank) currently have nine million customers in Nigeria and I want to grow this to 40 million customers within two and a half years. This may be a huge challenge but I resolutely believe that it is one that can be achieved. The Ecobank Rapidtransfer mobile app can be downloaded from the App Store or Google Play”.
The Chairman of Ecobank Nigeria, John Aboh said that the bank is committed to remain the leading brand in the digital banking space by 2020.