Nium, a global infrastructure for real-time cross-border payments, announced a partnership with Ecobank Transnational Incorporated, an independent pan-African financial services group, to enable seamless cross-border payments across 35 African markets for more than 32 million customers.
This partnership is set to revolutionise the region’s payments landscape by enabling faster, more efficient international payments for businesses and consumers alike.
As reported by BitKE back in 2021, Nium broke ground in 4 African countries shortly after announcing its plans to enter the African market in Q4, 2020.
Nium, Which Leverages the Ripple Blockchain, Enables Bank and Mobile Money Transfers to 4 African Countries https://t.co/GSOUyqKKXM via @Bitcoin KE
— AltarOfEgo (@unidentifiedta1) March 17, 2021
Nium’s real-time payments infrastructure will be integrated into Ecobank’s existing banking operations, empowering Ecobank to enhance its services for small and medium-sized enterprises (SMEs). Ecobank will connect its existing SWIFT workflows to Nium, gaining access to real-time transfers, updates, clearing, settlement, and payment tracking, without the need for complex API integrations. This will significantly reduce waiting times for cross-border payments, enabling businesses to make faster payments to over 220 markets, including over 100 countries with real-time capabilities.
Ecobank is a critical financial partner in sub-Saharan Africa. Through this partnership, Ecobank’s customers across the region will benefit from an enhanced payments experience that allows faster and more efficient cross-border transactions, unlocking new opportunities for SMEs to connect with global markets.
5 of Africa’s Largest Banks Sign Up to Use the Pan-African Payment and Settlement System (PAPSS)
The financial institutions signed a Memorandum of Understanding (MoU) which will facilitate Ecobank and its subsidiaries in conducting cross-border transactions using the Pan-African…
— BitKE (@BitcoinKE) June 30, 2023
Anupam Pahuja, General Manager and Executive Vice President for APAC, Middle East and Africa at Nium, said:
“We are thrilled to partner with Ecobank and introduce Nium’s cutting-edge real-time payment capabilities to Africa. This collaboration represents an important step forward in expanding our global payments network, and we are proud to support Ecobank in delivering faster, more efficient payments for its customers across the region.”
Jeremy Awori, CEO of Ecobank Group, said:
“Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions.
By leveraging our unique API-based payment platform, this collaboration is a significant step towards advancing financial inclusion and connectivity across Africa and enabling businesses to thrive in a global marketplace,” said
Ecobank can exchange its existing SwiftMT & ISO20022 messages with Nium to initiate payments on the real-time platform, accelerating business growth and improving the speed and accuracy of cross-border payments for African businesses.
The partnership also aligns with Nium’s broader strategy to enhance global financial inclusion, enabling access to real-time payments in regions where traditional banking systems may be slow or unreliable. Through this collaboration, Ecobank is now better equipped to provide an unmatched cross-border payment experience for its customers, while Nium continues its mission to democratize access to the world’s largest real-time payments network.
____________
About Nium: Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time.
Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries.
Nium holds regulatory licenses and authorisations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
About Ecobank Group (or ‘Ecobank Transnational Incorporated’ or ‘ETI’): Ecobank Group is the leading private pan-African financial services group with unrivalled African expertise.
Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment.
The Group employs almost 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
_________________________________________
