African regional banking group Ecobank announced on Wednesday a new partnership with Alipay to provide cross-border remittance services to customers.
With a huge contingent of loyal customers including those living in the diaspora, Ecobank is one of the leading banks in Africa that is now offering tailored services to international users. This new partnership aims to facilitate instant transfers from Rapidtransfer—Ecobank’s remittance solution—to users of Alipay, which serves more than 1.2 billion people globally.
“Our panafrican 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,” said Ecobank Group Consumer Banking Head Nana Abban
“Through our partnership with Alipay we are further leveraging the scale and capacity of our unified payments ecosystem on the global stage.”
Ecobank operates in 36 countries, after expanding its base in West Africa. The bank believes the new partnership will help lower transaction costs, improve the quality of service and give users more options to manage their finances.
The World Bank estimates that in 2018, remittances to Sub-Saharan Africa grew almost 10 percent to $46 billion.
Alipay’s head of the global remittance business, Ma Zhiguo said he was excited to announce the partnership with Ecobank, which would significantly facilitate “fast, affordable, and convenient” remittance services to users across the globe.
“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,” he said.
The partnership with Alipay highlights Ecobanks’ efforts to utilize digital and mobile technology, to make financial services more inclusive and affordable, especially for the underbanked populations in Africa.