Ecobank has signed a cross-border remittance agreement with Alipay, the payment and lifestyle platform
As a result, Alipay users will benefit from Ecobank’s cross-border remittances solution.
Pan-African Ecobank currently operates in 33 countries.
The aim is to offer a fast, safe, affordable and convenient way for workers to transfer money back home.
In particular, the Ecobank/Alipay partnership facilitates instant transfers from RapidTransfer, Ecobank’s remittance solution to Alipay users. Ecobank says that RapidTransfer serves more than 1.2 billion people together with its local e-wallet partners.
This provides an additional channel option. And it will increase options available to users, help lower transaction costs and enhance the quality of service.
Nana Abban, Group Consumer Banking Head, Ecobank says: “Our Pan-African cross-border remittance solution, RapidTransfer, delivers transparent, convenient, and affordable services to the African diaspora and their African-based dependants. So, it is a natural extension 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.
Ma Zhiguo, Alipay head of global remittances adds: “We are excited to partner with Ecobank. 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 Ecobank’s entire footprint, subject to required local approvals.
Ecobank, Airtel agreement
The Ecobank/Alipay partnership follows on from an agreement last October between Ecobank and Airtel Africa. That partnership enables Airtel Money customers to improve their access to mobile financial services. In addition, Ecobank corporate customers can make bulk disbursements. These include payroll payments directly into Airtel Money customer wallets. Additionally, Ecobank is able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers.