Business Finance Technology Technology Trends

Ecobank Group’s RapidCollect™ Enables Businesses to Collect Their Payments Across Africa with Only One Account

With only one account, business customers can receive funds instantly from their clients in their home country and across Ecobank’s (www.Ecobank.com) pan-African network; Ecobank business customers can now make instant automated reconciliation leveraging Ecobank’s trusted technology

 

The leading pan-African Banking Group, Ecobank Group, has simplified collections across Africa through RapidCollect™. RapidCollect™ enables Ecobank’s business customers to receive payments from their clients in their home country and across Ecobank’s network of 33 affiliates, instantly and at a lower cost than any other current cross-border solution.

RapidCollect™ caters for the needs of business customers across Africa, as the continent is at a unique point in its history. Immense trade, investment and economic growth opportunities are driven by the African Continental Free Trade Area (AfCFTA)’s creation of a single African market. The Economic Commission for Africa has forecast that the AfCFTA will boost intra-African trade by about 40% [1].

It provides a fast, innovative, secure, and reliable solution for our customers which leverages the collective scale and strength of our 33-country pan-African network

Josephine Anan-Ankomah, Group Executive, Commercial Banking, Ecobank said “With the African Continental Free Trade Area offering untold trading growth opportunities for Africa’s businesses, it is imperative that the payment and collection infrastructure proactively caters for the needs of our continent’s small and medium sized businesses by facilitating their cross-border trade. Ecobank’s Rapid-Collect™ further advances our determination to remove intra-African trade barriers by providing a fast, innovative, secure, hassle-free and reliable collection solution for our SME customers which leverages the collective scale and strength of our 33-country pan-African network”.

Isaac Kamuta, Group Head, Payment services, Cash Management and client access, Ecobank Group added: “The launch of RapidCollect™ reaffirms our leadership as the Best Bank for Cash Management in Africa. It provides a fast, innovative, secure, and reliable solution for our customers which leverages the collective scale and strength of our 33-country pan-African network. Our customers only need an Ecobank account in their home country – rather than needing an account in every country in which they trade. It removes the delays previously inherent in cross-border business payments and addresses the issues created by fluctuating forex rates.”

Through RapidCollect, Ecobank’s Commercial Banking and Corporate and Investment Banking customers benefit from the convenience of:

  • one account to receive business payments hassle-free from across our 33-country network
  • instant payments into their Ecobank account in their home country and across our network
  • automated reconciliation for our businesses with capabilities to integrate their billing system
  • secured transactions via Ecobank’s tried and trusted technology
  • easier cross-border payments to seize opportunities from the AfCFTA’s continent-wide single market

RapidCollect™ is available at Ecobank branches and it is already integrated into our digital channels. The solution is subject to the regulations in each country.

Further information, visit https://bit.ly/3AWpCFB

[1] African Continental Free Trade Area (AfCFTA) to significantly increase traffic flows on all transport modes | United Nations Economic Commission for Africa (uneca.org) (https://bit.ly/3TMVLb4)

Leave a Comment

Your email address will not be published.

You may also like

Business Events Society Technology Technology Trends Telecoms

NCC, NLRC inaugurate committee to strengthen consumer protection

post-image

 

The Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) on Thursday in Abuja set up a committee to work towards the protection of the interest of telecom consumers against malpractices that may attend mobile lotteries in the country.

The Committee, which was inaugurated at the NCC Head Office in Abuja, was tasked with the responsibility of articulating measures to address mutual regulatory issues, including the review of revenue-sharing formula between Mobile Network Operators (MNOs) and lottery operators.

The NCC’s Executive Commissioner, Stakeholder Management (ECSM), Barrister Adeleke Adewolu, who presided at the meeting comprising senior staff of the two agencies, recalled fondly previous engagements between the agencies and stated that the committee was important in order to review and update an NCC-NLRC Memorandum of Understanding (MoU), which was signed on the 6th of August 2018 but has now expired.

The ECSM said the Commission is committed to regulatory collaboration and…

Read More
Business News Opinion Security Society Technology Technology Trends Telecoms Trends

VAB SOLUTIONS LIMITED HELP SMEs IN NIGERIA TO DIGITIZE THROUGH INNOVATIVE IT SOLUTIONS 

post-image

 

 

 

In a digitizing world, there is a need for businesses to get up-to-date with the digital trends and while on it also protect their information technology (IT) infrastructure with robust cyber security solutions that will no deep a huge hole in their pocket.  Looking at the cost-effective IT solutions for businesses locally, especially those in the small and medium enterprises (SMEs), VAB Solutions Limited, an indigenous IT firm located in Victoria Island, Lagos is bringing to the market robust IT and cyber security solutions that is tailor-made for Nigerian firms. A move the company said that will deepen their business productivity and continuity.

Speaking to the media, Voke Benjamin Agadagba, the Managing Consultant of VAB Solutions Limited said that “VAB Solutions started operation January 2018 however the company was incorporated September 2017, We like to think of ourselves as an information technology ( IT ) Advisor, meaning we believe our…

Read More
Announcements Business Government Trends Uncategorized

NIGERIAN SAUDI ARABIA CHAMBERS OF COMMERCE WILL DEEPEN COUNTRIES RELATIONS

post-image
The Minister of Information and Culture, Alhaji Lai Mohammed, has said the establishment of the Nigeria-Saudi Arabia Chamber of Commerce, Industry, Mines and Agriculture will deepen the relations between the two countries beyond diplomatic ties to commerce and industry.
The Minister made the remarks in Abuja on Thursday when he received the President of the newly-established Chamber, Engr. Ibrahim Usman, on a courtesy visit.
“Clearly from your presentation, it’s clear that the major objective is to change the narrative and ensure that the relations between Saudi Arabia and Nigeria should not be seen just from the narrow prism of Hajj and Umrah pilgrimage, but from the prism of two very important nations of the world creating a bridge through better cooperation…

Read More
Business Education Events Investments News Opinion Society

HER STORY FROM A WHEELBARROW PUSHER TO NYSC CORP MEMBER TO A BUSINESS OWNER

post-image

 

 

 

 

In a country that youths are traveling out calling it Japa, a lot of Nigerian youths also have been able to show their business agility and institutions have been nurturing their growth from cradle to what they are today. One of the great business story was the story of Ojevwe Owhorode a young-Nigerian girl that is consciously grown her business.

Speaking via her Linkedin account, Ojevwe said,”I have been on LinkedIn for sometime now and I have been contemplating on how to go about my first post. Amazingly, an incredible event happened in August and I saw it as a good opportunity to kick-start my LinkedIn journey.”

She added that “I’m currently an Edo state Corper (Batch B Stream II, 2022). Two months ago, I was at the Nysc orientation camp in Edo state and we were told about a competition organized by Access Bank Plc known as “accesspreneur” (a business…

Read More
Business Events Finance Gadgets Government Technology Technology Trends

META AND NAPTIP LAUNCH AMBER ALERT PROGRAM IN NIGERIA TO HELP FIND MISSING CHILDREN

post-image

 

Today, Meta announced the launch of the AMBER Alert Programme on Facebook and Instagram in Nigeria. Working in partnership with the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), this programme is aimed at helping to find abducted children by sending AMBER Alerts to the local Facebook and Instagram community in Nigeria.

AMBER Alert is designed to increase the chances of finding missing children by putting more people on the lookout for them. When an AMBER Alert is activated by law enforcement, the alert will appear on the Facebook and Instagram Feed of users within the designated search area, enabling them to share the information instantly with friends or contact the authorities if they have leads.

AMBER Alert is designed to include important information about the missing child such…

Read More
Business News

It’s getting hot in here – what is carbon offsetting and why is it a useful tool in addressing climate change?

post-image

 

 

By: Steffen Burrows, Curbon co-founder and director

 

It’s an alarming thought, but South Africans have a serious climate change problem. As the world’s 14th largest emitter of carbon dioxide, the rainbow nation has an enormous responsibility to respond to climate change as well as an urgent duty to the planet to transition to a lower-carbon economy. How can this be achieved? What will drive the transition? Legislation is a useful starting point but ultimately as global citizens, reversing climate change through decarbonisation is a shared responsibility that must be taken up at an individual level.

 

Climate change can no longer be ignored

Because of its severe impact on agriculture, water resources, human health, infrastructure, ecosystems and energy, climate change is an environmental and humanitarian crisis that can no longer be ignored. Given that most of South Africa’s carbon emissions result from energy generation and the fact that as much as 80% of…

Read More
Business Security Society Sponsored Technology Technology Trends Telecoms

HOW SA’s CLOUD MARKET IS MATURING

post-image

 

In 1999, CNN published an article with the headline: “Is the internet maturing?” The author referred to the first airline tickets being sold online and said the internet was ‘going ordinary’ – in other words, no longer the playground of the tech-savvy, but more ubiquitous in the average Joe’s life.

 

Cloud, say experts, is going ordinary too. “Cloud, just like the internet back in the day, is revolutionising the way people think about their infrastructure,” says Andrew Cruise, Managing Director of Routed, a local VMware Cloud Verified and VMware Principal Partner“The conversation really started changing during the pandemic. Before, people had a bad understanding of cloud – they’d only ever heard of cloud hyperscalers like Google and Azure…

Read More
Business

Thinking of downsizing your home? Consider these pros and cons first

post-image

Interest rate hikes and the rising cost of living have many homeowners seriously considering downsizing. “For long-term owners and those who find themselves with an empty nest or too much space for their present needs, now may be the opportune moment to scale back. But, those downsizing for a financial quick-fix should carefully consider the costs involved as smaller doesn’t always mean cheaper,” says Andrea Tucker, Director of MortgageMe.

Having a thorough understanding of the costs involved in the sale of a house in relation to the current value of the property is important in avoiding a major financial misstep. “In theory, downsizing should be kinder on your pocket thanks to lower maintenance costs and as well as rates, taxes, and electricity savings. In the short term at least, a move to another home comes with…

Read More