The leading pan-African bank, Ecobank (www.Ecobank.com), has signed a cross-border remittance agreement with Alipay, the world’s leading payment and lifestyle platform, that
aims to bring more inclusive financial services by providing a fast, safe, affordable and convenient way for workers to
transfer money back home.
The partnership will facilitate instant transfers from Rapidtransfer, Ecobank’s remittance solution, to users of Alipay,
which serves more than 1.2 billion people globally together with its local e-wallet partners. This provides an
additional channel option which will increase options available to users, help lower transaction costs and enhance the
quality of service in the market.
Nana ABBAN, Group Consumer Banking Head said: “Our panafrican cross-border remittance solution, Rapidtransfer, has over the years been delivering transparent,
convenient, and affordable services to the African diaspora and their African-based dependants. So, it is a natural
extension for us to use it to deliver the same advantages to migrant workers across Africa. Through our partnership with
Alipay we are further leveraging the scale and capacity of our unified payments ecosystem on the global stage.”
“We are excited to partner with Ecobank and use our technology to bring fast, affordable, and convenient remittance
services to more users globally, especially workers who are living far from home,” said Ma ZHIGUO, Alipay’s head of the global remittances business. “We are committed to working with partners such as Ecobank, using innovative technologies to help global consumers gain
access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.”
The solution will be rolled out across our entire footprint, subject to required local approvals.