Ecobank has partnered Jack Ma’s owned fintech platform Alipay, to enable cross border payment in Africa. The partnership will allow the bank to facilitate fast, safe, and convenient cross border payment globally. It will also enable the bank’s remittance platform, Rapidtransfer, to expand its tentacles globally.
Remittance capitalizes on technology to make cross border transfer easy, fast, and seamless. It also eases the time spent in sending money from and to people in Diaspora.
Ecobank joined the remittance business with its cross-border remittance solution, Rapidtransfer. However, the remittance platform only offers cross-border transfer across the continent. This partnership is in a bid to facilitate global remittance services using the AliPay platform.
Ecobank will facilitate instant transfer to over 1.2 billion Alipay users through Rapidtransfer. It will also offer alternative means of payment to users on its platform. The bank will provide additional channels for users to transfer money, lower transaction costs, and enhance quality remittance services.
On the other hand, AliPay will leverage Ecobank’s global capacity to offer a unified payments ecosystem on the global stage. The Group Consumer Bank Head, Ecobank, Nana Abban, noted the partnership would help the bank to extend its services to migrant workers across Africa.
Also, the Head of Global Remittance Business Alipay, Ma Zhiguo expressed the fintech’s commitment towards working with Ecobank. It will help global consumers to gain access to inclusive financial services, create more value, and bring equal opportunities to the world.
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