Ecobank Nigeria Extends Remittance Services to Business Accounts Holders


Ecobank Nigeria has recently announced the extension of its innovative remittance services to its business account holders.

The implication of this is Business Account holders can now receive funds sent through Ecobank Rapidtransfer or any of its Remittance franchise partners through the Business to Business (B2B), Business to Customer (B2C) and Customers to Business (C2B) transaction types directly into their business accounts.

The bank is also ensuring to enlist other International Money Transfer Operators (IMTOs) for a more robust remittance offering.

According to Korede Demola-Adeniyi, Head of Consumer Banking at Ecobank Nigeria, who made the announcement in Lagos, the service’s launch allows business owners in Nigeria to instantly receive money sent to their Ecobank domiciliary accounts from both individuals and corporate organizations anywhere in the world. The bank has also put in place simple account opening procedures for those who do not already have domiciliary accounts so they can take advantage of the service.

Ecobank Rapidtransfer Mobile App

She argued that the change is consistent with Ecobank Nigeria’s strategy to offer easily accessible remittance services to Nigerians, and she provided a list of the various channels through which these remittances could be accessed, including the Rapidtransfer app, the Ecobank mobile app, the Ecobank online, and any of the bank branches.

“For us as a bank, we are excited about these and other future collaborations as our contributions to drive remittance inflows into the country, promotes trade and foreign direct investments, create businesses, spur entrepreneurship, and generally develop the Nigerian economy. Some of the benefits for business account holders includes no limits to how much they can receive, no hidden charges and there is also the opportunity to invest the funds received in foreign currency at a competitive rate.”

“The Rapidtransfer is our proprietary product. It is licensed by the nation’s apex bank; Central Bank of Nigeria (CBN) as an international money transfer product and it is also licensed in Europe. Diaspora remittances can be sent from anywhere in the world using the Rapidtransfer app – available for download in the Google play and iOS stores.”


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