Ecobank, Alipay ink cross-border remittance deal to aid financial inclusion

Pan-African Bank, Ecobank has signed a deal with the world's leading payment and lifestyle platform, Alipay to facilitate financial inclusive services that will allow users transfer money home.

The deal is expected to enhance instant transfers from Ecobank's remittance solution, Rapidtransfer, to users of Alipay which serves an average of 1.2 billion people across the globe.

The deal is also expected to lower transaction costs and enhance quality of service in the market.

The Group Consumer Banking Head, Nana Abban, said, “Our pan-African 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 payment ecosystem on the global stage.”

Abban, however, noted that the solution would be rolled out across the bank's entire footprint, subject to required local approvals.