By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Ecobank’s Rapid Transfer product is fastest and most convenient way to transfer money across Nigerian and Africa, Tony Okpanachi, deputy managing director (DMD) of Ecobank Nigeria said on Thursday.

Okpanachi in a chat with journalists at the end of year money transfer solutions for bank customers in Nigeria said the Rapid Transfer product is primarily designed to provide a quick payment solution for economic operators across the region with a view to facilitating economic integration.

‘’The product will on the long run progressively migrate regional transactions from the informal sector to the formal sector, thus signaling economic development and transformation,’’ he said.

The Ecobank Nigeria DMD added that the product is available to all categories of people such as workers, parents/guardians, students, small business owners who are the predominant players in the informal sector, traders, religious organisations and travelers within Africa.

According to him,  Rapid Transfer which comes in different dimensions presents a total package for the customer as transfers could be in the form of cash to cash; cash to account; account to cash; account to account and cash pull.

‘’The product is structured in such a way that it accommodates both account holders and walk-in customers. While customers of the bank could make transactions to the limit of N1.5 million per customer (or an equivalent of US$10, 000 at prevailing exchange rate), walk-in customers, that is non-account holders have a limit of N500, 000 after presenting a suitable identification,’’ he affirmed.

Okpanachi further affirmed that customers and non-account holders have a maximum of three (3) transactions per week and all transactions are done in the local currencies of the countries involved. ‘’Funds received are made available for payment to the receiver at any Ecobank branch within five (5) minutes except in countries where remittance laws differ on this rule,’’ Okpanachi said.

The DMD at Ecobnak Nigeria added that apart from its primary core offering such as being a convenient, safe, reliable and rapid means of transferring money across Nigeria & 35 other African countries, Rapid Transfer allows for funds to be sent in local currency of the sender while the receiver gets it in his/her local currency.

‘’Thus, it completely eliminates the need to source for foreign currency before a transfer is made. In addition, since the product allows for account to account transactions, senders and receivers are saved the risk of carrying cash about  and the full amount is delivered to the receiver while the sender takes care of the charges,’’ Okpanachi said.

Ecobank Nigeria says Rapid Transfer as a well thought-out financial product, provides a platform to remit money with ease. ‘’It is the fastest, most secure, convenient and reliable medium to transfer and receive money both across Nigeria and in 35 other African countries where Ecobank operates,’’ the lender said.