Ecobank Nigeria Introduces Outbound Money Transfer Service

Ecobank Nigeria Limited has gone into a partnership with Western Union to offer outbound money transfer service in the country.
The newly launched service allows Nigerians to send money abroad through any of the over 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country.

This initiative followed the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN).

The Outbound service is a provision that allows money to be sent from Nigeria to other countries.
A statement from the bank explained that the partnership means that Ecobank branches on behalf of their customers are able to log into the Western Union application and send money to other countries where the beneficiary can pick the money.

Deputy Managing Director, Ecobank Nigeria, Anthony Okpanachi commended the CBN for introducing the revised guidelines on international money transfer services in the country.

Okpanachi stated that the service would further enhance financial inclusion for Nigerians, especially those yet to embrace banking services.

He explained that the Ecobank Group and Western Union have created a mutual and beneficial partnership that cut across the pan-African bank’s 33 countries.

“Western Union service on Ecobank’s retail internet bank and ATMs has witnessed volumes thus making Ecobank the undisputed number one remittance bank in terms of innovation and customer service experience.
“The bank is currently working on making the new outbound service available on her retail internet bank to provide a 24/7 service availability,” he added.

According to the CBN guidelines, an individual can send up to $5000 to another individual abroad. However, it cannot be used by a business organisation in Nigeria to send money to another organisation abroad.