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Ecobank charges 1 percent on rapid transfer payments as earnings spike

by Hope Moses-Ashike

November 22, 2017 | 1:45 am
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Ecobank Nigeria has announced a one percent fee on all Rapid Transfer Payments via the Ecobank Mobile app from now through December 31, 2017.

This promotion is designed to support citizens who would wish to send money to love ones across Africa during this festive season.

The lender’s net fee and commission income increased by 20.25 percent to N103.29 billion in September 2017 as it continues to introduce new banking apps with a view to deepening financial inclusion.

Announcing this end of year promo in Lagos, head of Remittance, Ecobank Nigeria, Esther Obot, said this is a “strategic initiative to support our customers and citizens in general who would wish to transfer money at this time of the year”.

She explained that transfers are to be made only from domiciliary accounts in Dollar. The receiving customer gets his funds either in the sending currency or the local currency.

She emphasized that the beneficiaries will receive the money from their Ecobank account, Xpress Account, Mobile Wallets and Cash at our agent locations in any our 33 African countries.

Speaking further Obot said Rapid Transfer also does in-bound transfers from our 33 countries into Ecobank account and all other bank accounts in Nigeria. “Thus, if you have a reason to receive funds from any of the 33 countries where Ecobank is present ask the sender to download the Ecobank Mobile App and enjoy this seasonal one (1%) percent promo. The Promotion is for all countries where Ecobank is present.”

Analysts say digital banking holds the key to financial inclusion in Nigeria.

The introduction of mobile applications by banks have helped to bring banking services very close to people.

The Central Bank of Nigeria predicts that, by 2020, the number of adult Nigerians with access to payment services will increase to around 70 percent.

Ecobank’s third quarter earnings beat analysts’ expectation as the lender continues to benefit from diversification operations.

Net income spiked by 12 percent to N57.95 billion in September 2017 as against N51.57 billion as at September 2016. Gross earnings increased by 24 percent to N564.46 billion in the period under review from N456.67 billion the previous year.

The pan African bank’s interest income and similar charges were up 16 percent to N353.38 billion in September 2017 compared to N303.51 billion as at September 2016.

Actions the lender took around cost reduction have paid off as evidenced in improved cost to income ratio.

Hope Moses-Ashike

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by Hope Moses-Ashike

November 22, 2017 | 1:45 am
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