Ecobank launches new bank account for African emigrants

Dec 02, 2011

Ecobank has today (December 2nd) launched a new financial product dedicated to African emigrants who wish to have a bank account in their country of origin.

Ecobank has today (December 2nd) launched a new financial product dedicated to African emigrants who wish to have a bank account in their country of origin.

According to a press release published by APS news agency, the objective is to "celebrate the members of the African Diaspora (…) and provide them with transactions at lower costs".

The Ecobank+ bank account is exclusively dedicated to Africans working and living outside of their own country, adds the text.

Africa has around 18 million formal migrants, which represents eight percent of the whole migrant population in the world. Some 76 percent live in countries where Ecobank is present.

In 2007, migrant workers coming from developing countries brought home more than $240 billion (€179 billion), according to figures from the International Organization for Migration (IOM).

The IOM launched the Migration for Development in Africa project to rally members of the Diaspora in order to contribute to the development of their country of origin through the launch of small investments.

It also created dialogue platforms between expatriated African communities and their country of origin and hosting nation.

This project allows migrants to communicate with financial institutions and microfinance mechanisms, helping funds move faster.
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