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Ecobank Nigeria launches RapidTransfer Mobile Remittance App
In line with its tradition of leadership in digital banking in Africa, Ecobank has introduced a dedicated mobile remittance app Rapidtransfer.
Rapidtransfer app was unveiled by the Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan at a commemorative dinner to thank and celebrate outgoing members of the Ecobank Nigeria Board and to welcome its newly appointed directors.
According to Akinwuntan, Rapidtransfer will enable Nigerians in diaspora to send funds home at a reduced cost.
Mr Akinwuntansaid: “Historically the cost for Nigerians in the diaspora to send funds home has been far too high, while the process itself has long been inefficient and burdensome. Customers often have to physically visit an agent and yet are left with little or no clarity as to when the funds will actually reach the intended recipient. Rapidtransfer removes all of these issues and its standout affordability will be a gamechanger in the way that Nigerians can send money to their loved ones.”
At the dinner, Mr Patrick Akinwuntan, who was officially welcomed into his new role as Managing Director and Regional Executive of Ecobank Nigeria, and on to the Ecobank Nigeria Board of Directors said. “Many Nigerians work elsewhere in Africa, or further a field, and financially support their relatives back home,” he commented. “Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient. This will have a multiplier effect on the Nigerian economy by boosting demand and driving business growth.”
As well as being intuitive, easy to navigate and multi-lingual with English, French, Spanish and Portuguese variants, the app provides simple and secure digital onboarding. Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction. Charges range from 0% to 3% depending on the options the customer selects. The Rapidtransfer mobile app will enable Nigerians anywhere to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries and globally.
Nigeria is Africa’s largest recipient of international remittance inflows and is also the fifth largest remittance recipient globally. It received US$22 billion in 2017[1], which accounted for 5.6% of Nigeria’s Gross Domestic Product (GDP). In 2015[2] remittances received included $5.59 billion from the United States, $3.7 billion from the United Kingdom and $2.29 billion from Cameroon.
In the first quarter of 2018, the average cost of sending US$200 globally was 7.1%, and remittance services in Sub-Saharan Africa were the costliest in the world at an average cost of 9.4%. The International Sustainable Development Goal aims to reduce the average transaction cost of remittances to less than 3% of the remittance amount by 2030[4].
In a rousing speech during the proceedings, Mr Akinwuntan also took the opportunity to outline his vision for driving Ecobank Nigeria forward and assure his fellow Board members of his ambitions for growth. “Ecobank Nigeria must be the jewel in the Ecobank crown and the affiliate that sets the roadmap for others to follow,” he said. “We will do this by providing customer service excellence and a suite of innovative and convenient banking services that makes banking easy for retail and corporate customers alike.
“Nigeria has a vibrant population of 180 million and I want a large share of these to be served by Ecobank. Therefore, I am setting an audacious customer growth target against the group goal to serve 100 million customers by 2020. We currently have 9 million customers in Nigeria and I want to grow this to 40 million customers within two and a half years. This may be a huge challenge but I resolutely believe that it is one that can be achieved.”
The Ecobank Rapidtransfer mobile app can be downloaded from the App Store or Google Play.
-ENDS-
At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.
https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans
More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.
No group has claimed responsibility for the suspected attacks.
The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.
This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.
These were his words:
“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”
@primateayodele
Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.
Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).
Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.
In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.
@primateayodele #nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele
“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”
This has also been fulfilled.
The project ends decades search for investors, boosts Nigeria’s blue economy
By Prince Adeyemi Shonibare
Nigeria’s maritime sector is set for a major transformation following a landmark agreement involving the world’s largest container shipping company, Mediterranean Shipping Company (MSC), which has secured a 45-year concession to build, manage and operate a modern container terminal at Snake Island Port in Lagos.
The project, to be developed in partnership with Nigerdock, marks one of the most significant private sector investments in Nigeria’s port infrastructure in recent decades and is expected to strengthen the country’s role as a major maritime gateway in West and Central Africa.
For Nigeria, the agreement brings to close decades of efforts to attract large-scale investors to develop Snake Island Port, a strategically located maritime asset in Lagos.
Long-standing concession history
Snake Island’s maritime facilities date back several decades. In 1992, the Federal Government granted a 99-year concession for the island’s port and industrial facilities to Nigerdock, a major maritime engineering and logistics company.
Nigerdock was later privatised and is currently operated by the Jagal Group owned by Nigerian industrialist Maher Jarmakani.
Over the years, the Island Container Terminal fell into disrepair, requiring major rehabilitation and modernization to meet modern global shipping standards.
The new partnership with MSC is expected to transform the port into a state-of-the-art container handling facility capable of attracting larger vessels and increasing Nigeria’s cargo throughput capacity.
Buhari administration approved the project.
The investment framework for the Snake Island development was approved in May 2023 by the Federal Executive Council under then President Muhammadu Buhari.
The approval authorised total private investment of approximately $974.1 million for the project under a Public-Private Partnership structure, including the 45-year concession period.
At the same time, the Federal Government also approved two other major maritime infrastructure projects:
• Development of the Ondo Multipurpose Port in Ilaje, Ondo State, with $1.48 billion in private investment and a 50-year concession.
• Expansion and development of the Burutu Sea Port in Delta State, involving $1.2 billion in private investment and a 40-year concession.
These projects form part of Nigeria’s broader effort to develop its blue economy and expand maritime trade capacity.
Construction partners
Engineering and construction of the Snake Island container terminal will be handled by:
• ITB Nigeria Limited
• DEME Group
ITB Nigeria Limited is part of the Chagoury Group and owned by the Chagoury family, while DEME Group is a globally recognised Belgian marine engineering and dredging company with extensive experience in port construction.
MSC profile
Founded in 1970 by Italian shipping entrepreneur Gianluigi Aponte and his wife Rafaela Aponte-Diamant, MSC has grown from a single cargo vessel into the largest container shipping company in the world.
Headquartered in Geneva, Switzerland, the company operates in more than 155 countries and serves over 500 ports worldwide, with a fleet of roughly 900 container ships and over 200,000 employees globally.
The MSC Group also operates major logistics and maritime businesses including inland logistics through Medlog, cruise tourism through MSC Cruises, and port terminal operations across several continents.
According to Forbes, the estimated net worth of MSC founder Gianluigi Aponte is about $43.9 billion as of February 2026, placing him among the world’s richest shipping magnates. The company remains privately owned by the Aponte family, with both founders holding equal ownership stakes.
Management comments
Speaking on the development, MSC Group President Diego Aponte said the company is committed to strengthening its operations in Nigeria and across Africa.
“We are proud to expand our presence in Nigeria through this important infrastructure project. The Snake Island terminal will enhance service delivery and improve port efficiency for our customers and partners in the region,”
Chief Executive Officer of Nigerdock, Maher Jarmakani, described the agreement as a major milestone for the Nigerian maritime sector.
“We are delighted to partner with MSC in developing a world-class container terminal that will enhance Nigeria’s logistics capabilities and support economic growth,” he said.
Economic impact
Industry analysts say the project could significantly strengthen Nigeria’s maritime economy by expanding cargo handling capacity, reducing congestion at Lagos ports and attracting additional international shipping traffic.
The development is also expected to create thousands of direct and indirect jobs across maritime operations, logistics, transport services and port-related commercial activities.
Infrastructure expansion
Beyond the port development, plans are also underway for Nigeria’s first underwater tunnel, linking Ahmadu Bello Way in Victoria Island through Snake Island and connecting the Lagos-Calabar Coastal Highway with the Sokoto-Badagry Superhighway corridor through Badagry.
The tunnel project is expected to significantly improve freight movement and road connectivity between Lagos ports and national transport networks.
Strategic milestone
With the entry of MSC into the Snake Island development, industry observers say Nigeria is taking a significant step toward modernizing its maritime infrastructure and positioning itself as a regional hub for global shipping and trade.
For a project that has waited for decades for major international investors, the Snake Island concession represents a turning point in Nigeria’s port development strategy and a strong signal of global confidence in the country’s maritime future.
By Prince Adeyemi Shonibare
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