Ecobank Group, has launched a product that will help businesses simplify collections across Africa with only a single account.
Named Rapid Collect, the new product enables Ecobank’s business customers to receive payments from their clients in their home country and across the bank’s network of 33 affiliates, instantly and at a lower cost than any other current cross-border solution.
According to officials, Rapid Collect will help businesses tap into the opportunities presented by the African Continental Free Trade Area (AfCFTA)’s creation of a single African market.
“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,” said Josephine Anan-Ankomah, Ecobank Group Executive in charge of commercial banking.
Isaac Kamuta, Group Head, Payment services, Cash Management and client access, Ecobank Group added: “The launch of Rapid Collect 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.”
Officials said that through Rapid Collect, Ecobank’s commercial banking, corporate and investment banking customers will benefit from the convenience of one account to receive business payments hassle-free from across our 33-country network, instant payments into their account in their home country and across our network.
“Rapid Collect also ensures automated reconciliation for our businesses with capabilities to integrate their billing system, secured transactions and easier cross-border payments to seize opportunities from the AfCFTA’s continent-wide single market.”
