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How Nigerians will take advantage of CBN’s new policy on dollars withdrawal – Ecobank


Dec 7, 2020

Ecobank Nigeria has reacted to the Central Bank of Nigeria (CBN’s) amendment of procedures for beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs).

The CBN recently stated that beneficiaries of remittances can now receive their transfers in dollars or opt to have the funds paid directly into their domiciliary accounts.

In its reaction, the bank assured its customers that efforts would be made to enable them to have their remittances in dollars done seamlessly.

The Managing Director of Ecobank Nigeria, Patrick Akinwuntan, who disclosed this in Lagos state said the lender was taking steps to see to the immediate implementation of the policy.

Akinwuntan also urged Nigerians to open the Ecobank domiciliary account or reactivate their inactive ones with the bank in order to take advantage of the policy.

According to him, “We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts.


“Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.”

Also speaking about the money transfer platform, he said:  “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges.

“We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”

To deliver maximum value to its customers, he added that it was collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development.

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