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(Cio Mag) – Ecobank and Alibaba group’s money transfer platform Alipay signed a partnership agreement on Wednesday. With its 1.2 billion people served worldwide, Alipay brings a new dynamic to the Pan-African bank, in particular to its Rapidtransfer product. With this agreement, Ecobank will be able to offer more security, speed and instantaneity to subscribers of its payment platform. Because the agreement signed on February 12 allows immediate transfers to Rapidtransfer. Among other advantages, the reduction in transfer costs, underlines Ecobank. The African diaspora remains a main actor in remittances to the continent.
If Ecobank’s desire is to deploy this new solution in all of its markets, it will be necessary to wait for local agreements. At Ecobank, we welcome “an additional channel to diversify the options available to users.” On the Alibaba side, it is gratifying to work with partners such as Ecobank to “make innovative technologies available to consumers abroad to access inclusive financial services.”
Souleyman Tobias
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