Ecobank in Nigeria has launched a new money transfer service by email, SMS and WhatsApp via Ecobank app.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
This opportunity could not have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19. We have the responsibility as a bank to continue to innovate for the benefits of our teeming customers.
With the new service, you can transfer up to N50,000 without the beneficiary’s account number or knowledge of which account the funds should to to. Once a transfer is made, the beneficiary receives a web link through an SMS, email or WhatsApp message sent to their phone. The recipient will click on the link, choose the bank to receive the funds and provide bank account number and finally submit request. The money will be credited immediately.
Another money transfer services offered by the bank is Rapidtransfer. It is a money transfer and payment service that allows people to send money to 33 African countries where Ecobank is located.