Ecobank Rwanda launches money transfer facility

Jul 13, 2010

A new money transfer system has been launched by Ecobank Rwanda, enabling customers to move cash across the 29 countries in which the firm operates.

The New Times reported the service is almost instant, with transferring money from person to person taking less than five minutes. Speaking to the newspaper, Managing Director of the bank Daniel Sackey said the product will boost services to those members of the population who are currently unbanked.

"This service will help both our customers and walk-in clients to transfer and receive funds in all currencies under the Ecobank umbrella," he explained. Mr Sackey added that once the transfer is complete, the recipient can access the funds instantly and use them to pay for a variety of goods and services, however usage of the money will be dictated by approval limits in their native country.

Ecobank, which first started operations in Togo, now provides services in the majority of African nations, including Cameroon, Nigeria and Sierra Leone.