The Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan, has said the bank’s decision to charge zero fee of (on) RapidTransfer remittances was borne out of the need to ensure Nigerians abroad are able to send home 100 percent of monies made through hard work.
According to him, “Because we are able to do it per scale and because we know that when Nigerians work abroad, close to seven to eight per cent of their sweat is taken as commission when they are sending money home, we decided to make the cost of sending money home free. We want 100 per cent of the money made through the sweat and hard work of Nigerians, find its way back to Nigeria, to support and develop our economy in Nigeria. This is why we made the RapidTransfer charges zero.”
The Ecobank Nigeria Managing Director, who was speaking during an interactive session with journalists in Lagos, added that “any Nigerian in the Diaspora can download the Ecobank RapidTransfer App from any of the stores, attach his or her card, say in Canada, UK or US and remit $50, $30, £30, £25 or £100 instantly to a recipient in Nigeria. The recipient could have a bank account in Ecobank or any other bank in Nigeria.”
He affirmed that Ecobank leverages on the Nigerian Inter-Bank Settlement System (NIBSS), which he said has done a great job in bringing a common settlement platform for all the banks in Nigeria.
“The payment will get to the account of other receiving bank, because Ecobank has put together a global App available for all Nigerians globally to be able to send money home,” stressing that “we offer best exchange rate available. If your relative or friend does that transfer from Canada or Paris today, you will get an equivalent of N360 to a dollar instantly at no charge to the sender.
“So, the entire money made by your relation or your friend or yourself abroad finds its way back to Nigeria to support Nigerians back home, which is why most relations go to work abroad,” he said.