Table of Contents
Key Points
- Ecobank partners with Nium to provide real-time cross-border payments in 35 African countries, benefiting more than 32 million customers, including SMEs.
- The partnership leverages Ecobank’s existing Swift workflows, avoiding complex API setups, and enables fast, reliable payments to over 220 markets with real-time options in 100+ countries.
- This collaboration empowers African SMEs with efficient, accessible global payment capabilities, advancing financial inclusion and connectivity across the continent.
Ecobank Transnational Incorporated partners with Nium to launch instant cross-border payments across Africa, empowering businesses with efficient, real-time transactions.
Ecobank Transnational Incorporated, a leading pan-African financial services group led by Papa Madiaw Ndiaye, has partnered with Nium, a global innovator in real-time cross-border payments, to introduce instant cross-border payment capabilities across 35 African markets. This groundbreaking collaboration aims to transform financial transactions for Ecobank’s 32 million customers, offering rapid, reliable international payments that are expected to significantly benefit the region's small- and medium-sized enterprises (SMEs) and strengthen Africa’s connection to the global financial landscape.
Enhancing Africa’s payment infrastructure
Nium’s advanced payments infrastructure will integrate seamlessly with Ecobank’s existing banking system, facilitating real-time transfers, payment tracking, updates, and settlements without requiring complex API integrations. Through Nium’s expansive network, Ecobank customers will experience faster transaction times for cross-border payments, enhancing their efficiency in global financial operations. By leveraging SwiftMT and ISO 20022 message formats, Ecobank will offer African businesses a smooth and efficient payments ecosystem. This integration enables African SMEs to operate on a competitive global scale, overcoming traditional obstacles in cross-border payments.
Empowering SMEs and promoting financial inclusion
Ecobank’s SME clients across Africa are set to benefit substantially from faster, more accessible payments, improving cash flow management and operational efficiency. This efficiency boost empowers African businesses to engage in global trade with reduced waiting times and more predictable payment outcomes. The partnership is also a win for financial inclusion across Africa, fostering economic growth by delivering efficient, reliable financial services to underserved regions.
Anupam Pahuja, general manager and executive vice president for APAC, Middle East, and Africa at Nium, stated, “We are thrilled to partner with Ecobank and introduce Nium’s cutting-edge real-time payment capabilities to Africa. This collaboration is an important step forward in expanding our global payments network, supporting Ecobank in delivering faster, more efficient payments for its customers across the region.”
Jeremy Awori, CEO of Ecobank Group, revealed the collaboration’s importance: “Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions. This collaboration is a significant step towards advancing financial inclusion and connectivity across Africa, enabling businesses to thrive in a global marketplace.”
The Ecobank-Nium partnership marks a milestone in Africa's financial technology landscape, empowering businesses with real-time payments that enhance their global competitiveness. This collaboration strengthens the cross-border payment infrastructure, bolstering economic resilience and expanding financial access across the continent.
