Nigerians in diaspora remitted $19bn in 2016 – World Bank

According to the World Bank’s Migration and Remittances Factbook 2016, Nigerians in diaspora remitted a total of $19bn in 2016, making it one of the top six receivers for the period. In Africa, it has the highest estimated remittance as percentage of the Gross Domestic Product (GDP) of nineteen percent during the period, while same remains the second largest source of foreign earnings in the country after the Oil Sector.

On 30th August, 2016, the Central Bank of Nigeria (CBN) issued licenses to eleven International Money Transfer Operators (IMTOs), in addition to the three existing ones, making them fourteen to operate international money transfer business in the country, for effective regulatory oversight.

Success in money transfer services relies on convenience, safety, and reliability with an eye on affordability. Whilst it is true that the money transfer opportunity in Nigeria and that of Nigerians in Diaspora is immense, it is imperative for the CBN, and the licensed IMTOs, to continue to fine-tune transaction processes to help consumers find more value in the sector.

Through a spotlight on Ecobank Nigeria Limited, in this report, NationReformer.com examines innovations being put in place for customers’ delight by leading banks in the business of money transfer in Nigeria.Ecobank Provides Convenient, Accessible, Reliable Money Transfer Services – RapidTransfer
ECOBANK, with its extensive geographic footprint, is advantageously positioned to meet banking needs-money transfer transactions. The EcobankRapidTransfer is a product designed for this purpose.

Commenting on this value proposition in Lagos, the Executive Director, Consumer Banking, Ecobank Nigeria, Carol Oyedeji said “the EcobankRapidTransfer is a strategic initiative that expands the reach of the product and allows customers and non-customers of Ecobank access the enormous benefits it offers.”
According to Oyediji, EcobankRapidTransfer is a more convenient and better way bank customers in Nigeria can be served. She explained that “the Rapid Transfer service was conceived by the bank out of the need to provide convenient, accessible, and reliable money transfer service for its retail and wholesale customers and non-customers, alike. Its uniqueness is swiftness in delivery, and accessibility as transactions are consummated instantly at the receiving end.”

As an Ecobank proprietary ‘send and receive’ money transfer product available in all Ecobank locations across Africa, RapidTransfer is aimed to provide a convenient, accessible, reliable and rapid payment solution for economic operators across the region. It also facilitates economic integration by making available more accurate statistical data for realistic inter-regional policy decisions, as well as, progressively captures and migrates regional transactions from the informal sector to the formal sector.

The product allows ‘send and receive’ money transfer service in 33 African countries where Ecobank has its footprints. Such transfer could be made in Cash-to-Cash, Cash-to-Account, Account-to-Cash, Account-to-Account, or Cash pull.

Features of the product: • One percent fee (1%) on all Rapid Transfer payments via the Ecobank Mobile app from now through December 31, 2017.• Rapid Transfer has extended capabilities enabling all bank account holders in Nigeria receive money instantly from 33 African countries where Ecobank operates (No matter the bank you have your account; you can receive money through Rapid Transfer).• Transactions will be in the local currencies of the destination countries.

• Daily transaction amount limit of $1,000 per customer on the mobile App.•Documentation required for non-customers will be acceptable primary identification i.e. National Driver’s License, Bank Verification Number (BVN), International Passport, • Funds will be received and made available for payment in any designated outlet instantly.

• Available to both ECOBANK customers and non-customers across Africa (except in countries where remittance laws differ on this rule)
Benefits using the product; • Convenient, safe, reliable and rapid means of transferring money across Africa, • Fast remittance of funds in a secure manner. • Full amount is delivered to receiver; the sender takes care of the charges. • Easy remittance of funds to family members and friends.

•Eliminates the risk of carrying cash to make payments. •Reliable means of money transfer. • Timely settlement of personal obligations. •Pricing is very affordable and compares well against competition

To Send Money: Enter any Ecobank Branch, complete a Rapid Transfer ‘Send Form’ at the dedicated Teller’s , Submit a valid means of Identification, Pay-in the amount to transfer, and commission to Teller, Collect reference number and call beneficiary to give him/her the details of the transfer.
Ecobank Mobile App, Download the mobile app,• Attach your domiciliary account or a foreign currency card,• Send money through Ecobank Africa.
3rd party remittance services offered in Ecobank Western Union money transfer, MoneyGram, Ria, Wari, Transfast, Worldremit. These money transfer companies offer person to person send and receive money transfer services across the world.

Transactions will be in the local currencies of the countries involved, Transaction amount limit of $1,000 per customer per quarter, Documentation required for all customers will be acceptable primary identification i.e. National Driver’s License, Bank Verification Number (BVN), International Passport etc,
Visit www.rapidtransferonline.ecobank.com Register an account. Send money to an Ecobank country using your card.