Abike Dabiri-Erewa By Daniels Ekugo
With proper engagement, transparent exchange rate, and a pan African Bank such as Ecobank that has innovative digital technology, Nigeria can attract high inflow and volume of Diaspora remittances which can be compared with such countries like India, Israel, Indonesia and others. This was the submission of speakers and panelists during a virtual summit on: “Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60”.
The webinar which held on Sunday night was part of the Ecobank Digital Series. They opined that Diaspora remittances have impacted positively on most economies of the world and therefore challenged financial institutions in the country to explore ways on how they can make it easy and affordable for Nigerians in the Diaspora to send money to their loved ones in the country.
Managing Director, Ecobank Nigeria, Patrick Akinwuntan in his opening speech noted that there was growing evidence that Diaspora remittances was impacting positively on the economies of various countries of the world.
He put the total annual remittances to Nigeria at about $20 billion which he said, contributes hugely to the country’s foreign exchange earnings.
According to him, apart from constant engagement with Nigerians in the Diaspora, the bank is leveraging its digital technology through its Rapidtransfer App and Ecobank mobile App to make it easy and affordable for Nigerians abroad to remit money to their home country.
”Our dedicated Rapidtransfer, mobile remittance app is a game changer for the market. It enables Africans and indeed Nigerians wherever they are to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries.
“Historically, the cost of sending cross-border remittances to Africa has been far too high at about 6%-7%. Similarly, the process to send funds has long been inefficient and burdensome, with customers typically needing to go physically to an agent sometimes late in the night or in poor weather with attendant discomfort and risks.
“The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all of these issues. It is indeed a game-changer for Nigerians and all Africans with its sustainable and standout affordability.”
Ecobank Managing Director further explained that the transaction cost is affordable with the charge from zero to about 3% as compared to 6 – 7% elsewhere, and with instant transfer speed, adding that exchange rate is transparent […]