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Why Ecobank slashed int’l transfer charges to 1% on yuletide

More details have emerged on why Ecobank Nigeria considered a one per cent fee on all Rapid Transfer payments via the Ecobank Mobile App from now through December 31st.

The bank explained that the end of the year promotion is designed to support citizens who have need to send money to love ones across Africa during this festive season.

Whereas industry observers say the deal will grow Diaspora remittances, it will also grow financial inclusion within the period.

Details gathered by the Head of Remittance at Ecobank Nigeria, Esther Obot, showed that the strategic initiative is designed to support Ecobank customers and citizens in general who would wish to transfer money at this time of the year.

According to Obot, transfers are to be made only from domiciliary accounts in Dollar. The receiving customer gets his funds either in the sending currency or the local currency.

“Beneficiaries will receive the money from their Ecobank account, Xpress Account, Mobile Wallets and Cash at our agent locations in any our 33 African countries.”

“The Rapid Transfer also does in-bound transfers from our 33 countries into Ecobank account and all other bank accounts in Nigeria. Rapid Transfer is an Ecobank proprietary send and receive money transfer product available in all Ecobank location across Africa. This unique product facilitates easy transfer and access to funds across Nigeria and in all countries where Ecobank is present.

“Thus, if you have a reason to receive funds from any of the 33 countries where Ecobank is present, ask the sender to download the Ecobank Mobile App and enjoy this seasonal one per cent promo. The Promotion is for all countries where Ecobank is present.

“Ecobank Mobile App is unique on all fronts; it does instant transfer to any bank account in Nigeria and for any Ecobank account within the same country it is absolutely free.

“This super App allows you to do purchases using QR codes for MasterPass and mVisa, hence a must have for all Nigerians because it also affords you and Instant account opening to receive funds – Xpress Account,” the bank noted.