RapidCollect™: Ecobank intensifies support for intra-African trade

BY EMEKA EJERE

In further demonstration of determination to play a significant role in achieving the objectives of the African Continental Free Trade Area (AfCFTA), Ecobank Nigeria has continued to put structures in place to enable exporters exploit the opportunities in the trade agreement.

This time, the leading pan-African banking group has simplified collections across Africa through RapidCollect™, a technology that enables its business customers receive payments from their clients in their home country and across Ecobank’s network of 33 affiliates, instantly and at a lower cost than any other current cross-border solution.

According to the bank, RapidCollect™ caters for the needs of business customers across Africa, as the continent is at a unique point in its history. Immense trade, investment and economic growth opportunities are driven by the AfCFTA’s creation of a single African market. The Economic Commission for Africa has forecast that the AfCFTA will boost intra-African trade by about 40%.

Through RapidCollect, Ecobank’s Commercial Banking and Corporate and Investment Banking customers benefit from the convenience of one account to receive business payments hassle-free from across our 33-country network; instant payments into their Ecobank account in their home country and across the bank’s network

Customers also enjoy the convenience of automated reconciliation for the bank’s businesses with capabilities to integrate their billing system; secured transactions via Ecobank’s tried and trusted technology and easier cross-border payments to seize opportunities from the AfCFTA’s continent-wide single market

The bank believes Nigeria is poised to gain from the investment and trade opportunities that the AfCFTA will inevitably bring because of its market size, supply chain infrastructure and an abundant supply of professionals/skilled players in various industries.

It, however, cautions that businesses must strategically position themselves and endeavour to understand the dynamics of the ratification to be able to maximise the benefit and opportunities.

Speaking on the new offering, Josephine Anan-Ankomah, Group Executive, Commercial Banking, Ecobank said “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”.

Also speaking, Isaac Kamuta, Group Head, Payment Services, Cash Management and Client Access, Ecobank Group said: “The launch of RapidCollect™ 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 leverage 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.”

At a media briefing in Lagos last year, the pan African bank reiterated that it remains the partner of choice in Africa for export trade because of its unique positioning, wide network, pan-African payment switch, settlement capabilities, award winning digital products and strategic focus.

According to the Executive Director, Corporate Banking, Ecobank Nigeria, Kola Adeleke, the bank’s unique positioning in 33 African countries enables it leverage its extensive network to reduce the number of financial partners and relationships in executing trade.

Adeleke said, “We own the switch connecting countries where we operate across Africa. This centralised switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in un-parallel financial advisory.

“We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries. Ecobank has a reputation for developing innovative products as the bank has won us several international, regional and local awards and we aspire to be the gateway to pan-African payments and trade.”

Other products and services on offer by Ecobank to support export trade include letters of credit, bonds, guarantees as well as bills for collections validation.