(lavoixdesentreprises.info) – On November 11, 2024, Ecobank announced a partnership with Nium aimed at transforming banking services for SMEs in Africa. This collaboration promises to accelerate cross-border payments, thereby facilitating financial inclusion and access to global markets for African businesses.
Ecobank, one of the leaders in the banking sector in Africa, revealed on November 11, 2024, a strategic partnership with Nium, a pioneering company in real-time payments. This alliance aims to enhance the services offered to African SMEs by improving their access to financial systems and connecting them more effectively to international markets.
The collaboration between Ecobank and Nium comes at a time when cross-border financial transactions are often characterized by long processing times and high fees. With approximately 32 million clients across 35 countries, Ecobank aims to transform its users’ experience by simplifying and speeding up the process of international payments. The bank hopes to provide a smoother and faster solution for SMEs, which rely on the speed of transactions for cash management and the smooth operation of their activities.
The integration of Nium’s technology into Ecobank’s infrastructure will be done via the SWIFT system, a recognized standard in the financial sector. This technical approach avoids complex API developments, thereby facilitating the rapid deployment of new cross-border payment services. The benefits of this innovation will translate into real-time payments, instant updates, and tracking and settlement in over 220 markets worldwide.
For African SMEs, this partnership represents a significant opportunity. Indeed, these businesses, often faced with unresponsive traditional banking systems, will now be able to benefit from rapid transfers without the usual constraints that slow their growth. The World Bank highlights that processing cross-border transactions can take several days, with costs reaching up to 10 % of the transferred amounts, a particularly heavy burden for small businesses.
Jeremy Awori, CEO of Ecobank, hailed this collaboration as a major advancement for financial inclusion in Africa. He stated : “This partnership with Nium allows us to enhance our service offerings and provide our clients with faster and more efficient cross-border payment solutions. Leveraging our unique payment platform, this collaboration advances financial inclusion and connectivity across Africa, offering businesses the opportunity to thrive in the global market.”
This partnership with Nium fits into a broader strategy of Ecobank, which has already established an alliance with the Pan-African Payment and Settlement System (PAPSS) in June 2023. Initiated by Afreximbank as part of the African Continental Free Trade Area (AfCfta), the Papss aims to stimulate intra-African trade by facilitating cross-border payments. The alliance with Nium complements this initiative by strengthening Ecobank’s access to international markets and optimizing its payment capabilities.
For Nium, this collaboration marks a significant advancement in its expansion across the African continent. Anupam Pahuja, Managing Director for Asia-Pacific, the Middle East, and Africa at Nium, stated : “Our partnership with Ecobank represents an important step in extending our global network and supporting the bank in its quest for faster and more efficient payments for its clients across the region.”
In summary, this collaboration symbolizes a major advancement for the African financial ecosystem, with hopes for better economic inclusion and increased connectivity between businesses on the continent and global markets. SMEs, which are the driving force of the African economy, could thus benefit from innovative and tailored solutions, fostering their growth and integration into the global economy.
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