Ecobank’s Rapid Transfer App has been named Best Remittance Product and Service of the Year by the Asian Banker Excellence in Retail Financial Services Awards for West Africa.
The app was selected following a rigorous and transparent process that saw the orgnaisation assessing banks and non-bank retail financial services players in several countries in West Africa.
The award covers the Asia Pacific, the Middle East and West Africa where more than 300 banks and non-bank retail financial services players in more than 42 countries are evaluated.
Presenting the awards to winners in Lagos, Emmanuel Daniel, chairman, said the Excellence in Retail Financial Services programme is probably the most rigorous, prestigious and transparent awards programme for consumer financial services in the world.
He congratulated the lender on winning the award and explained that the programme also assesses new players, such as payments firms, marketplace platforms and alternative financial services platforms made possible by financial technology (fintech), who are greatly contributing to the transformation of the retail financial services industry.
He said through the awards, the organisation aims to capture the evolving competitive landscape and recognise the outstanding players and initiatives, from which the industry can learn from to better provide consumer products, services and experience.
Receiving the award on behalf of Caro Oyedeji, Ecobank Group, executive director, commercial Banking, thanked the organiser for engaging in rigorous exercise to arrive at winners of the various awards, stressing that Ecobank retail business has witnessed substantial transformation, innovation and growth in all its segments and dimensions – customers, products and channels in recent years.
She said the bank is regarded as digital payment solution bank because of its offerings, such as Rapid Transfer, EcobankPay, OMNI and Xpress account.
Also, Linus Adaba, Ecobank Group Head, Remittances & Mobile Money, described the awards as a worthy recognition of the app, which is one of the bank’s landmark initiatives targeted at easing the process and enabling Africans in diaspora send money home.
“Many Africans work elsewhere in Africa, or further afield in Europe, America and Asia and financially support their relatives back home.
“Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient.This will have a multiplier effect on the African economy by boosting demand and driving business growth. Rapidtransfer removes all of bottle necks and high cost of sending money back home. Its standout affordability is a game changer in the way that Africans send money to their loved ones,” he said.
