Ecobank To Pay Customers For Every Dollar Received

Ecobank To Pay Customers For Every Dollar Received

Ecobank says it is ready to implement the CBN N5 for every dollar received offer. 

THECONSCIENCE reports that Ecobank is implementing the Central Bank of Nigeria (CBN)’s scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.

Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.

She noted that the “CBN Naira 4 Dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Demola-Adeniyi said. the scheme takes effect from 8th March and will run till 8th May, 2021 confirming that “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs.

The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan disclosed that apart from consistent engagement with Nigerians in the diaspora, the bank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.

“The bank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent.

Ecobank’s Rapidtransfer and mobile app  enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

As a member of the Pan African Banking Group, it is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes.

The bank also offers mortgages, treasury bills, capital market instruments, among others.