RapidCollect™ enables businesses to collect their payments across Africa with one account

By Edlyn Cardoza

Ecobank Group, one of the leading pan-African Banking Groups, has simplified collections across Africa through RapidCollect™. RapidCollect™ enables Ecobank’s business customers to 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.

RapidCollect™ caters to 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 African Continental Free Trade Area (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%.

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.”

“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 leverages the collective scale and strength of our 33-country pan-African network,” said Isaac Kamuta, Group Head, Payment services, Cash Management, and client access, Ecobank Group. “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.”