Multi-market African financial services provider Ecobank partnered Ant Financial’s Alipay to provide international remittance between users of the two services.
Under the agreement instant transfers will also be available between Ecobank users and Alipay’s partner services. This gives Ecobank access to more than 1.2 billion users globally, the Africa-focused company added.
Ecobank group consumer banking head Nana Abban said the deal would allow it to bring its service to migrant workers over a larger footprint.
Alipay head of global remittance business Ma Zhiguo noted the deal was part of a commitment to help “consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world”.
In a statement, Ecobank said the agreement is subject to regulatory conditions in some of its markets, but expected the service would eventually be rolled-out across its 33 country footprint.
The deal is one of a number partnerships China-based Ant Financial signed with companies outside of Asia as part of a wider diversification strategy .
Its interests range from investments in mobile wallet companies to retail deals and remittance agreements similar to the one with Ecobank.