Small World Financial Services, the leading international money transfer provider and Ecobank Group have entered into a remittance partnership.
The partnership agreement brings the strengths and assets of both organisations to offer money transfer services to Africans in the diaspora and it extends options for customers who send money to Africa from other parts of the world.
The joint venture is regarded as an exciting development in the business for both Small World and the Ecobank Group because while Small World can continue to grow its global customer base as well as its 250,000 pick-up locations, Ecobank, with its footprint across 33 African countries can further expand its remittance reach within African communities across Europe and other parts of the world.
Under the agreement, Small World customers will be able to access the Ecobank Africa-wide network in three ways:
- Direct transfer to Bank accounts
- Cash pick up at any Ecobank location
- Mobile wallet, which is a digital version of a physical wallet. It is an online space that allows you and your beneficiary store bank card and payments details securely. As the sender, it means you can send money directly to an account. Mobile wallets are a secure way of storing payment information and to access your data, someone would have to not only steal your smartphone but also know all your passcodes. They are incredibly convenient, enabling people to make in-store purchases instantly, and are a great option for anyone who does not want, or is not able to, withdraw cash. Importantly, using a mobile wallet saves time that might otherwise be wasted travelling to pick-up locations or waiting in line to collect cash.
The new partnership is also expected to deepen financial inclusion in Africa as Ecobank, the leading Pan-African banking group, with headquarters in Lomé, Togo, will make available the Ecobank Xpress Account, its mobile-based bank account developed for the unbanked and under-banked, for the recipients of remittances sent by customers of Small World Financial Services’ customers.
Commenting on the partnership, Nana Araba Abban, Ecobank Group Consumer Banking Head, said the bank was proud to offer seamless payments across the vast borderless network in Africa.
She said Ecobank value partnerships such as this, which will enable Africans in the diaspora to remit money affordably and conveniently, adding that, “This provides a win-win partnership, as Ecobank can offer banking services to Africans wherever they are on the globe”.
Ecobank, she said, shares Small World’s commitment of making financial services seamless, convenient and interoperable across Africa.
The Ecobank Group prides itself as continuously innovating and working with partners in order to provide best-in-class banking products, services and solutions to its current over 23 million customers.
Chief Executive and Founder of Small World, Nick Day expressed delight “to be forging a partnership with Ecobank. It is a leading bank in Africa with over 50,000 locations in the region which means our global customers get access to even more ways to send money home to African countries. Importantly, Ecobank shares our commitment in delivering great customer service alongside providing fast, affordable and reliable transfers”.
Small World says the partnership is one of the new ways it is constantly looking for to make global money transfer easier for our customers, whom it has been serving for over 13 years by transferring money securely and easily, with instant delivery to bank accounts in over 90 countries.
The company said working with Ecobank expands its existing money transfer service to Africa, and it means sending money home to friends, family and loved ones will now be even more efficient.
Furthermore, the agreement gives Small World, which already has a customer base of 15 million more boost to provide a money transfer service to even more people around the world, and for Ecobank, it will help to expand its service to African communities by making international remittance more accessible.
IMAGE CREDIT: smallworldfs.com, ecobank.com