back Back

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

By Edlyn Cardoza

September 12, 2022

  • AfCFTA
  • Africa
  • Cash Management
Share

RapidCollect, Ecobank, Ecobank Group, AfCFTA, SMBs, Cross Border Trade, Forex, Cash Management, Cross Border Business Payments, AfricaEcobank 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.”

Previous Article

September 12, 2022

5 innovative InsurTech companies in Germany

Read More
Next Article

September 12, 2022

Revolut launches Revolut Pay, a new secure online checkout feature

Read More






IBSi Daily News Analysis

June 21, 2024

AfCFTA

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023