EBI SA, the international subsidiary of the pan-African banking group Ecobank, is launching Rapidtransfer International, a digital payment service for the African diaspora between Europe and the 33 African countries where Ecobank operates.
In 2018, financial flows from the diaspora to sub-Saharan Africa were $ 46 billion according to World Bank data. That same year, $ 5.596 billion was transferred from the UK to Africa and $ 1.356 billion from France to the African continent. While the UK and France are the two main target countries, Rapidtransfer International is also available in other important markets such as Italy, Spain and Portugal.
The Ecobank group has the ambition to digitally connect African diasporas in Europe and the African continent. A leading bank in terms of digital transformation, the Ecobank Group already offers the possibility of sending money and making payments at the continental level with its pan-African service Rapidtransfer, and now collaborates with the digital platform PayTop to provide this service in Europe. . Active in 33 markets across the continent, the Ecobank Group offers a unique experience to African diasporas to contribute to Africa’s prosperity through a tailor-made African application taking into account international and African realities.
EBI SA has taken particular care in the ergonomics of this mobile application in order to offer the best customer experience, based on the principles of accessibility, simplicity, flexibility, and community. Users can create a Rapidtransfer International account using the application on which all money transfer operations can be activated, with the possibility of pairing a Visa or Mastercard bank card from the customer’s bank. This new application is dedicated to people holding European identity documents.
Ibrahima DIOUF, CEO of EBI SA, said: “We are very proud to launch this money transfer application for the African diaspora based in Europe. It is an attractive, competitive and ergonomic offer that will change the customer experience. Especially for all customers who do not currently have a tailor-made application as offered by Rapidtransfer International “.
It is estimated that between 165,000 and 280,000 members of the African diaspora with incomes above 80,000 euros living in the United Kingdom and France, the two main centers of the African diaspora in Europe. With 25% of the Euro-African diaspora residing there, France is also one of the main destinations for young Africans, attracting more than 100,000 students from the continent each year to its universities. Taking into account the emergence of a middle class and the large student population, France is a key market for the Rapidtransfer International offer.
With a strong collaborative dimension of the application, EBI SA wishes to involve these demanding customers in the development of Rapidtransfer International to better meet their expectations and make them the first ambassadors of the brand. Rapidtransfer International will notably offer a referral program and promotions to the most influential users in its community.
The Ecobank group has the largest pan-African banking network in the world and unrivaled access to all African currencies. The bank has already tested this application model in the field in sub-Saharan Africa with a network effect and group consistency unique in Africa. Operating in 33 markets across the continent, Ecobank offers the most competitive exchange rates for the majority of African currencies. This is a significant advantage in the highly competitive remittance market, which allows Ecobank to reduce its commission to an average of 5% of the amount transferred, both ways.
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