Ecobank's Rapid Transfer service 'will aid Africa's economy'

Oct 05, 2010

The introduction of a new money transfer service by Ecobank will aid Africa's economy, it has been claimed.

Rapid Transfer, which is available at Ecobank branches located in 29 countries across the continent, has been welcomed by First Deputy Governor of the Bank of Ghana Dr H A K Wampah. He noted that the service has added a "new dimension" to the financial market, especially as it is dedicated to serving only African nations.

Its introduction was also hailed by Board Chair of Ecobank Ghana Lionel Van Lare Dosoo, who said it will act as a complete solution for those needing to transfer money across Africa and negates the risk of carrying cash over country borders. The bank, which has in excess of 746 branches throughout Africa, was established in 1985.

In addition to its presence across the continent, Ecobank also has a subsidiary in Paris and was recently granted approval to open a representative office in Dubai.