Ecobank Rwanda has expanded its work with an additional service which is expected to make East African regional import payment instant and easy.
According to Ecobank officials, the bank has signed agreements with various Tanzanian business entities so that traders can be able to pay for their goods without leaving Rwanda.
The development is also in line with embracing the use of technology to facilitate cashless payments.
Ecobank officials also disclosed that the bank has selected to add that option to make it easier for local traders to pay faster and cheaper with the help of technology.
They explained that this payment method does not require traders to have an account in the bank. Any trader who needs to make payment can access the service by just going to the nearest Ecobank branch in Rwanda and making the transaction. And once the payment is made, the money immediately reaches the account of the recipient in Tanzania.
Before this product, payment methods were hard for traders, officials noted, citing scenarios whereby for one to be able to pay they used to request their friends or family in Tanzania to help them make the payments, which would delay their products among other effects on their business.
Another option was for them to carry cash to pay the buyers and that was also a risk in terms of security.
The development however will help traders in the East African region, in various ways such as ensuring security of their money, limiting travel costs as well as time-saving, among others.
Following the introduction of this product, the bank revealed that the service has already captured traders’ attention. It therefore calls upon others to also join such a reliable and efficient way of payment, facilitating the development of their businesses as well as technology in money transfer.
Moreover, they mentioned that the program will be extended to other parts of the region in furthering business growth.
Currently, the program has started operating in Tanzania where the bank has partnerships with Tanzanian companies such as TICTS, Tanzania Portland Cement, Tanzania Port Authority, Airsea clearing and forwarding ltd, and Sayona Fruits and Drinks ltd.
In addition, they mentioned that there are also companies such as Great Lakes Freight, Simera Transport Ltd, Royal Freight ltd, Bravo logistics ltd, BNM Freight Forwarders Co Ltd, Galco limited, SIM Oil limited, GEPG, and Mohammed Enterprises, such that those who want to make payments to some of the above companies do so without delay or incurring more expenses.
Ecobank currently operates in 35 African countries including those in East Africa such as Rwanda, Uganda, Burundi, Kenya, Tanzania, and the DR Congo.
The bank also operates in Guinea-Bissau, Sierra Leone, Liberia, Côte d’Ivoire, Burkina Faso, Ghana, Togo, Benin, Niger, Nigeria, Cameroon, Chad, Equatorial Guinea, and Sao Tomé-et-Principe, Gabon, Congo Brazzaville, Central Africa, South Sudan, Senegal, Zambia, Malawi, Zimbabwe, Cape Vert, Guinea, Mali, Gambia and Mozambique, Ethiopia and South Africa.