Wednesday 22 February 2012

Ecobank Launches 'African Diaspora Account'

As part of efforts to provide banking service to Liberians across the world, Ecobank-Liberia has launched a new that will enable them establish account back home and countries of residence through its electronic bank system. The system is called Ecobank African Diaspora Account (EADA). ?

Ecobank Liberia Managing Director Kola Adeleke launched the new service during a press conference on Tuesday, February 21, 2012, at the Bank?s Annex on Ashmun Street in Monrovia.

?Distinguished members of the press, we invited you today so that through you to the Liberian people for the official launch of another product, the Ecobank African Diaspora Account,? Adeleke declared.

According to him, the product is for ?Africans who are gainfully employed with ?a need ?for ?an ?account ?back ?in their ?home ?country ?and country of ?residence. ?This product will enable all immigrant working-class Africans residing within and outside of Africa to open savings and current accounts in a manner that is consistent, convenient and reliable. They ? must meet ?the ?necessary ?KYC ?criteria ?for ?account ?opening plus ?a minimum ?annual ?Income of US$10,000,? he said. He was however quick to note that it is not compulsory for one to open an account with US$10,000, he or she must provide evidence of earning the minimum of US$10,000 annually.

Adeleke explained that the EADA will have standard E-products like ? cards, E-Alerts, Internet banking etc., offered as a package.?

The Ecobank MD disclosed that study ?conducted ?by a ?research ?group ?in preparation for this product gathered that there ?are about 13 million Africans ?in the Diaspora within Ecobank Africa ?and 20% constitutes ?a working class that are ?likely ?to pass through the standard ?account ?opening ?process.

Ecobank?s presence in 33 African countries is a compelling reason for this product both from our customer and bank?s perspective, Adeleke stressed, adding, ?We will leverage on all internal efficiencies of our various departments to ensure customer delight in EADA.??

He indicated that EADA is ?planned ? to be ? in 2 phases: Phase 1 which he said Ecobank ?Africa ?Diaspora ?Account ?within Africa targeted ?at countries ?in Africa ?where ?Ecobank is ?present; ?and Phase 2 which Ecobank ?Africa Diaspora ?Account ?outside ?Africa targeted ?at all ?other ?countries ?where ?Ecobank does ?not ? have ?commercial banking ?affiliates ?especially ?in Europe ?and ?America. Commenting on the latter, Adeleke explained that once one?s account is established, he or she will easily transfer money through Ecobank African Diaspora Account, from any another banking institution in country of residence. ??

?Our EADA customers will have easy access to their accounts anywhere and anytime within the Ecobank network. This product will also create an avenue for the customers to invest in their home countries while they are abroad. It ?also ?provides ?them ?the ?ability ?to ?easily monitor their account activities through our ?Internet ?Banking ?services,? he assured.

He also assured that EADA ?shall ?offer ?the ?regular ?features ?of ?current ? and ?savings account ?plus ?transfers ?and ?cards ?in the ?first ?instance. Adeleke mentioned the product ?enhancement ?with ?features ?of ?wealth ?management, Mortgages, Insurance (funeral ?Benefits) and ?other ?related ?credits ?required ?by ?our ?Diaspora ?customers will be ? provided in due course.?

?In recognition of your effort to make a difference both here and at home, we?d like to offer you effortless banking with the Ecobank African Diaspora Account. By combining the account in your home country with your account here, you?ll enjoy convenient and seamless control of all your finances,? he vowed. ? He then encouraged all Liberians in the Diaspora to sign up to this specially designed account, promising ?them dedicated relationship manager, an exclusive (black) Diaspora Card and a unique, ?Diaspora Cheque Book, Internet banking including e-Statements, e-Alerts and ?SMS-Alerts, Easy access to cash 24/7 at Ecobank ATMs across 30 countries, as well as Nedbank ATMs in South Africa.

The Ecobank MD also used the occasion to acknowledge the unflinching patronage, confidence and loyalty the institution continues to receive customers and Liberia as a whole. He praised Central Bank of Liberia for the demonstration of leadership that has resulted to an undisturbed banking environment, ?the Government of Liberia that has led to our presence in most parts of Liberia.??

The EADA is one in series modern banking products the Ecobank Bank has introduced in recent time. It can be recalled that the bank launched product programs such as ?savings ?accounts, checking ?accounts, personal ?and business loans, salary advances, ?rapid transfer, internet ?banking, regional ?cards and visa cards ?and ?other ?electronic products ?which enable customers ?to ?access their ?accounts 24/7, anywhere ?across ?Ecobank network. Just last year (specifically on September 9), the bank made history in the Liberian banking sector with the launch of Ecobank Mobile Money, in partnership with Lonestar Cell MTN.

Source: http://www.inprofiledaily.com/index.php?option=com_content&view=article&id=5654:ecobank-launches-african-diaspora-account&catid=1:headlines&Itemid=56

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