A new money remittance app called Rapidtransfer has been launched by Ecobank Transnational International. The app is said to make it easy and cost-effective for Nigerians abroad to send money home to their loved ones in Nigeria.
Speaking recently in Lagos during the unveiling of the new app, the company’s Managing Director, Mr Patrick Akinwuntan, said the app was created out of the need to ensure that Nigerians get the best remittance service ever.
He went further to state that not only is the Rapitransfer App cost-effective to use, it will also help to reduce the difficulties typically experienced by Nigerians in diaspora everytime they try to send money home.
“Ecobank is poised to ensure Nigerians in Diaspora get the best in class remittance service. We want to make it easy for Nigerians living abroad to send money to their loved ones at home instantly. Transfers on the Rapidtransfer app are at zero fees from now till 31st January 2019.
“Many Nigerians work abroad and financially support their relatives back home. The app is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient as there are no charges deducted.” -Akinwuntan
Nairametrics checked out the much-touted app and its game-changing capabilities and to be fair, it looks good. It has a good user interface and four different language features including English and French from which users can choose.
Users can also decide when and how they want to remit their money. They also have transparent exchange rates.
But RapidTransfer will be operating in a highly competitive market
In recent times, quite a number of Nigerian banks have gone into the digital money remittance business with hopes of taking advantage of the opportunities presented by it. Just this past June, FirstBank Nigeria went into partnership with World Remit to make it easier for Nigerians abroad to send money home.
Other Nigerian banks soon afterwards partnered World Remit as well, including Fidelity Bank Plc in June, and recently Access Bank Plc.
It is yet to be seen how Ecobank Transnational International will fare in this very competitive venture.
Note that Ecobank is one of the biggest financial institutions in Nigeria and much of Africa. The company’s share price as of Friday, November 19th, was N16.
I think Ecobank is playing for every account holder in Nigeria to be very competitive, because unlike the banks partnering with world remit, any account holder in Nigeria can use the Ecobank rapid transfer app without having to open an account with Ecobank.