The Managing Director, Ecobank Nigeria, Patrick Ainwuntan has said the bank’s decision to charge zero fee of (on) RapidTransfer remittances is borne out of the need to ensure Nigerians abroad are able to send home 100 percent of monies made through hard work.
According to him,” “Because we are able to do it per scale and because we know that when Nigerians work abroad, close to 7 per cent to 8 per cent of their sweat is taken as commission when they are sending money home, we decided to make the cost of sending money home free.
We want 100 per cent of the money made through the sweat and hard work of Nigerians, find its way back to Nigeria, to support and develop our economy in Nigeria. This is why we made the RapidTransfer charges zero.”
The Ecobank Nigeria Managing Director, who was speaking during round table meeting with the media in Lagos noted that “any Nigerian in the Diaspora can download the Ecobank RapidTransfer App from any of the stores, attach his or her card, say in Canada, UK or US and remit $50, $30, £30, £25 or £100 instantly to a recipient in Nigeria. The recipient could have a bank account in Ecobank or any other bank in Nigeria”.
He affirmed that Ecobank leverages on the Nigerian Inter-Bank Settlement System (NIBSS), which he said has done a great job in bringing a common settlement platform for all the banks in Nigeria.

This is cool.