Ecobank Rwanda has introduced a new system of transferring money dubbed "Rapid Transfer”, linking it to other branches on Ecobank Group across Africa.

The product will facilitate funds transfer across all the 29 countries where Ecobank has its presence.

The bank’s Managing Director, Daniel Sackey described the new product as "unique” since it appeals to all segments of the population and helps to take the banking services to the unbanked population across the country.

"This service will help both our customers and walk-in clients to transfer and receive funds in all currencies under the Ecobank umbrella,” Sackey said.

The service come at a time the East African Community Market Protocol has been introduced in the region. The protocol seeks to allow the free movement of people, goods and services, capital and labour within the region.

Sackey said that the success of the protocol will depend largely on the availability of a fast, convenient, accessible and affordable payment system to support it.

According to the Bank’s Head of Brand and Communication, Patrick Masumbuko, the service allows a customer to send or receive money at all branches of Ecobank across Africa.

"After the transaction is done, the transfer is instantly available at the receiver’s location and payments can be made for personal remittances and basic goods and services subject to the country approval limits,” Masumbuko said.

He added that it takes less than five minutes for a person to receive or send the money.

A client can decide to receive either cash or credit onto the receiver’s accounts depending on the sender’s request, Masumbuko said. 

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