Ecobank Nigeria has announced the recent incorporation of foreign currency transfer capabilities into its Ecobank Mobile and Omnilite app platforms. This innovative step underscores the bank’s commitment to fostering seamless cross-border financial interactions, a vital component for the success of Micro, Small, and Medium Enterprises (MSMEs) and individuals engaged in international trade.
Mrs. Korede Demola-Adeniyi, the Head of Consumer Banking at Ecobank Nigeria, unveiled this groundbreaking initiative. She emphasized that this move was aligned with the evolving landscape of the banking industry, aiming to simplify and expedite cross-border transactions for Ecobank’s diverse clientele.
With this new feature, holders of domiciliary accounts within Ecobank can effortlessly initiate foreign currency transfers of up to $10,000 in a single transaction. This development holds substantial promise for individuals, entrepreneurs, and small-scale enterprises operating across the African continent, as it significantly streamlines the process of conducting cross-border business.
Ecobank Nigeria’s innovation extends to enabling instantaneous money transfers to 33 African countries where the Ecobank Group has a presence. Remarkably, recipients of these transfers receive immediate credit in the local currency of the target country, eliminating unnecessary delays.
While the limit for cash transfers stands at $10,000 per day, the bank has waived such limitations for international transfers funded through non-cash foreign currency sources. Mrs. Demola-Adeniyi aptly encapsulated this transformative shift, urging individuals and businesses to seize the opportunity and expand their financial horizons with Ecobank’s facilitative solutions.
For those seeking to harness the potential of this feature via the Ecobank Mobile app, the process is user-friendly and accessible. Upon logging in, users navigate to the menu and select the “Transfer” option, followed by the “Ecobank Africa” transfer category. Subsequently, they specify the destination country, choose the preferred mode of delivery (ranging from CASH, WALLET, INTERBANK, ECOBANK ACCOUNT, to XPRESS ACCOUNT), provide recipient details, specify the reason for the transfer, input the desired amount, and conclude the transaction by pressing the “Send” button.
For Omnilite app users, accessing this powerful tool is equally straightforward. A visit to www.ecobank.com unveils the Omnilite platform, where users can log in using their username and password or opt for the Omni Lite mobile app. After logging in, they proceed by clicking the toggle menu button, selecting the relevant transaction category, and then choosing “Ecobank Africa.” The user-friendly interface guides them through the remaining steps, including debiting the account in USD, specifying the destination country, inputting beneficiary details, confirming information, and utilizing an OTP for verification.
