Ecobank's Rapidtransfer App has been named best remittance product and service of the year by the Asian Banker excellence in retail financial services awards for West Africa.
The Rapid Transfer App was selected following a rigorous and transparent process that saw the Asian Banker accessing banks and non-bank retail financial services players in several countries in West Africa.
Currently, the Asian Banker awards covers the Asia Pacific, the Middle East and West Africa where more than 300 banks and non-bank retail financial services players in more than 42 countries are evaluated.
Presenting the awards to winners in Lagos, Nigeria, Chairman of the Asian Banker, Emmanuel Daniel, said the Excellence in Retail Financial Services programme was probably the most rigorous, prestigious and transparent awards programme for consumer financial services in the world.
He congratulated Ecobank for winning the award and explained that the programme also assesses all new players such as payments companies, marketplace platforms and alternative financial services platforms made possible by financial technology (fintech) who were greatly contributing to the transformation of the retail financial service industry.
He said through the awards, the Asian Banker aims to capture the evolving competitive landscape and recognise the outstanding players and initiatives, from which the industry can learn from to provide better consumer products, services and experience.
Receiving the award on behalf of the Ecobank Group, Executive Director, Commercial Banking, Caro Oyedeji, thanked the organiser for engaging in rigorous exercise to arrive at winners of the various awards, stressing that Ecobank retail business had witnessed substantial transformation, innovation and growth in all its segments and dimensions - customers, products and channels in recent years.
She disclosed that Ecobank is now being commonly regarded as digital payment solution bank because of its offerings such as Rapid Transfer, EcobankPay, OMNI and Xpress account, among others.
Mr Linus Adaba, Ecobank Group Head, Remittances & Mobile Money, described the awards as a worthy recognition of the Rapidtransfer App which is one of Ecobank's landmark initiatives targeted at easing the process and enabling Africans in the diaspora send money to their loved ones back home on the continent.
"Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient. This will have a multiplier effect on the African economy by boosting demand and driving business growth. Rapidtransfer removes all of bottle necks and high cost of sending money back home. Its standout affordability is a game changer in the way that Africans send money to their loved ones," he stated.
He said, "I use this opportunity to dedicate these awards to all hard working staff of the Ecobank Group, who have tirelessly worked to see the success of the bank. And also to all Africans who believe in us and have continued to encourage our efforts by adopting our products."