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Ecobank approves N5 payment to customers for every dollar transfers

This was made known by Korede Demola-Adeniyi, Head of Consumer Banking, Eco Bank Nigeria. She stated that this was to boost streams of diaspora remittances into the country., pub-1800157631388084, DIRECT, f08c47fec0942fa0

Ecobank in compliance with CBN’s new naira-4-dollar policy has commenced the disbursement of N5 for every dollar transferred into domiciliary accounts or cash over the head counter. The scheme which will run for about 3 months will officially kick off March 8, 2021, and continue till May 8, 2021.

Ecobank approves N5 payment to customers for every dollar transfers

Ecobank had earlier held its first Diaspora Summit on October 18, 2020, to enlighten Nigerians in Diaspora on the opportunities available abroad and the several platforms accessible to them to help in their choice of investment and necessary remittances. Key stakeholders in the remittance space including government officials, diaspora audiences among others graced the occasion.

Patrick Akinwuntan, the Managing Director, Ecobank Nigeria, also revealed that in addition to steady undertakings with Nigerians in the diaspora, Ecobank will take advantage of its digital technology to assist with affordable and ease of remittances to Nigeria and Africa.

The director stated that there are pieces of evidence to show that there is a positive relationship between diaspora remittances and economic growth.

‘Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent,’ he stated.

Mr. Akinwutan added that ‘Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are,  to easily and instantly send money to bank accounts, mobile wallets, and agent locations across 33 African countries.

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Ecobank Nigeria is a member of the Pan African Banking Group. The institution has assisted in providing the requisite services for Africans in Diaspora, some of which include advisory services, remittance solutions, investment options, and financial planning schemes. Ecobank also provides mortgages, treasury bills, capital market instruments, and more.

Peace Omenka

I'm a news reporter/ researcher. My major expertise is developing feature stories around trending issues.

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