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Ecobank partner Ria to boost remittance transfer

Business

Ecobank Ghana has partnered with Ria Money Transfer – the world’s third largest money transfer company – to offer money transfer and remittance pay out services across Ghana.

This will allow customers of the bank and even non-account holders to receive remittances directly into their bank accounts with less difficulty.

Managing Director of Ecobank Ghana, Dan Sackey lauded the partnership, saying it was done to improve services to customers.

According to him, the partnership will afford them the opportunity to bring convenience to their customers in funds transfer services.

Managing Director of Ria Africa, El Hadj Malick Seck was optimistic the partnership will help them to widen their range of customers in Ghana.

He praised Ecobank Ghana for its contribution to the banking industry in Ghana, which he believes has helped to strengthen the banking environment.

The World Bank estimates that in 2015 alone, remittance by migrants to their relatives across the world was about US$2.1 billion.

Meanwhile, the Bank of Ghana also estimates that in 2016, remittances from overseas through formal channels to Ghana stood at about US$1.92billion, saying that moneys that flow in through informal routes could even be higher than what goes through formal routes.

This competes favorably with international aid as one of the largest financial inflows to developing countries including Ghana, Nigeria, Togo, Liberia and Niger.

It also presents a very big opportunity for financial institutions to create innovative ways of getting such huge transfers to come through formal channels and help national and human development.

The Ecobank Ghana and Ria Money Transfer partnership is expected to change the face of money transfer in the country and attract more of the funds going through informal channels.

The two companies have agreed to adopt innovative systems and technology to enhance security of money transfers.

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