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Ecobank Nigeria says ready to comply with diaspora remittance policy

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Ecobank Nigeria has assured its customers that it will put the necessary processes in place to ensure compliance with the new Central Bank of Nigeria (CBN) on diaspora remittances.

The CBN had on Monday issued circular directing banks to allow beneficiaries/recipients of diaspora remittances to have their money in dollar, local currency or paid directly into the domiciliary accounts.

Managing Director of Ecobank Nigeria, Patrick Akinwuntan said the bank is taking steps to see the immediate implementation of this policy.

He encouraged Nigerians in the diaspora and their loved ones here in Nigeria to take advantage of the policy by opening the Ecobank domiciliary account or reactivating their inactive domiciliary account with the bank.

“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.” he said.

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“Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges.

“We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”

Ecobank also stated that it is collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development in a bid to deliver maximum value to its customers.

In the same vein, Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, said the Nigerian diaspora community makes significant contribution to the economy and Ecobank is committed to supporting them by providing advisory services, remittance solutions, investment options and financial planning.

To lend credence to this, Ecobank recently held a Diaspora Summit with major stakeholders in commemoration of Nigeria’s 60th Independence Anniversary.

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