Business News of Thursday, 30 September 2010

Source: Samuel Dowuona/Adom FM

Ecobank launches new money transfer system

Ecobank Ghana has launched a new money transfer system called Rapidtransfer to facilitate convenient money transfer within and across African countries.
The system allows both Ecobank Ghana customers and non-customers to transfer money in cedis to any of the 30 African countries that Ecobank operates in and the recipient will receive in their local currency.
Head of Retail Banking at Ecobank Ghana, Mr. George Mensah-Asante the system is available at all 750 Ecobank branches and affiliate outlets across Africa and it allows money to be transferred and received within 10 minutes either within Ghana or from Ghana to other African countries.
He noted that one does not need to have an Ecobank account to use the Rapidtransfer system, adding that it eliminates the risk of carrying money around.
“Rapidtransfer is fast, reliable, secure, and competitive,” he said.
Head of Ecobank Money Transfer Unit, Nana Yaa Konadu told Adom News the transfer rates are between five Ghana cedis and GHC300 depending on how much one is transferring.
Deputy Governor of the Bank of Ghana, Dr. H. A. K. Wampah who launched the new system praises Ecobank for being the first local bank to own a money transfer system contrary to the situation where banks in Africa serve as agents for multinationals like Moneygram, Western Union and Vigo.
He said the new system will facilitate the integration of Africa on the economic front.
Dr. Wampah however urged Ecobank to tighten the security of the system to prevent money launderers from taking advantage of it.
The Dean of the Diplomatic Corps and Togolese Ambassador, His Excellency Jean-Pierre Gbikpi Benissan says the system will be beneficial to traders and exporters on the continent.