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Monday, 3 July 2017

Ecobank partners Transfast Worldwide Money Transfer to Boost Remittances to Nigeria

Ecobank Nigeria, a member of the leading pan African banking group has entered into strategic partnership with Transfast, a leading international provider of cross-border payments and remittance solutions, to further ease expatriates funds transfer from across the world to Nigeria. With this arrangement Nigerians working in other countries can send money through any of Ecobank’s wide branch network, in local currency, direct to the beneficiary’s bank account 24/7, or for cash pick-up at more than 3,500 payout locations in Nigeria.


Speaking at the agreement signing event in Lagos, Tunde Kuponiyi, Head, Consumer Banking, Ecobank Nigeria, said the partnership with the global money transfer service provider was in line with Ecobank’s decision to boost its remittances bouquet of product and services for its customers.

According to him, “this latest addition reinforces our commitment as a Bank to giving our customers access to world class service. Transfast has a pedigree for swift and excellent service delivery. We are confident this will further stimulate activities in the remittance business.”

This new addition is to give our customers a more robust option on our  list of remittance products. We already have available to our customers Rapid Transfer, Western Union, Money Gram or Ria Money Transfer in any Ecobank location in the country” he stated.

The Director EMEAA, Transfast, Samir Vidhate, in an earlier statement said that as a global player in payment processor and funds transfer, the company understood the vital lifeline provided by remittances being sent back to Nigeria. He said the company was working daily to drive greater awareness of its service to Nigerians living and working abroad. Vidhate said, “We are committed to the region and will be closely partnering with banks for continued growth.” He added, “We want customers from Nigeria to know that Transfast always delivers great value when you are sending money home. Our company is pleased to visit Nigeria to meet our valued partners and customers, and to share that message.” Vidhate shared his excitement for attending the signing ceremony with Ecobank and a get-together with the bank partners.

According to a report by the World Bank, remittances to Nigeria stood at $35bn in 2016 and at $21bn in 2015.

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