The Managing Director, Ecobank Nigeria, Patrick Ainwuntan, has said the bank’s decision to charge zero fee on RapidTransfer remittances is borne out of the need to enable Nigerians abroad send home 100 percent of their hard-earned monies to their loved ones at home.
According to him, “Because we are able to do it per scale and because we know that when Nigerians work abroad, close to 7 percent to 8 percent of their sweat is taken as commission when they are sending money home.
“So, we decided to make the cost of sending money home free. We want 100 percent 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 chief 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.
“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.
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