NIUM, the global leader in real-time cross-border payments, has teamed up with Ecobank to offer faster, more efficient cross-border payments across 35 African countries. This partnership, set to serve over 32 million customers, promises to significantly enhance the payment experience for businesses and consumers in the region.
The integration of Nium’s real-time payments infrastructure into Ecobank’s banking operations is a game-changer for Africa’s payments landscape. By connecting Ecobank’s Swift workflows with Nium’s platform, the partnership will enable real-time transfers, updates, settlement, and payment tracking. This will drastically reduce the waiting times for cross-border payments, which have traditionally been plagued by delays. The integration will also provide businesses with access to real-time payments to over 220 global markets, including more than 100 countries where Nium offers real-time capabilities.
This collaboration is especially beneficial to small and medium-sized enterprises (SMEs), a critical driver of economic growth in Africa. With enhanced cross-border payment capabilities, SMEs will be able to access global markets more efficiently, enabling faster business transactions and improved cash flow.
Anupam Pahuja, Nium’s General Manager and Executive Vice President for APAC, Middle East, and Africa, expressed excitement over the partnership: ‘We are thrilled to partner with Ecobank to bring our real-time payment solutions to Africa. This collaboration represents an important step in expanding our global payments network, allowing us to deliver faster and more efficient services for Ecobank’s customers across the region.’
Jeremy Awori, CEO of Ecobank Group, highlighted the broader implications for financial inclusion: ‘This partnership is a significant step forward in advancing financial inclusion and connectivity across Africa. By integrating Nium’s real-time payment solutions with our platform, we can provide our customers with faster and more efficient cross-border payment solutions that will support business growth and economic development.’
The partnership will allow Ecobank to seamlessly exchange its existing SwiftMT & ISO20022 messages with Nium’s platform, ensuring a smoother, quicker payment process. This development is set to have a transformative effect on African businesses, particularly those engaged in international trade. The collaboration also supports Nium’s goal to democratise access to real-time payments, offering businesses in Africa the tools to compete in a global marketplace.
This partnership aligns with Nium’s broader strategy to improve global financial inclusion, especially in regions where traditional banking systems may be slow or inefficient. By leveraging its cutting-edge technology, Nium is helping Ecobank offer an unmatched cross-border payment experience for its customers, positioning both companies at the forefront of the evolving payments landscape in Africa.
As Nium continues to expand its reach in Africa, this collaboration underscores the potential for innovation in the region’s financial services sector. With real-time payments, SMEs can now benefit from faster, more reliable international transactions that help foster business growth and regional economic integration.
Nium is the leading global infrastructure for real-time cross-border payments, serving a network of 100 currencies across more than 220 markets, 100 of which support real-time payments. With regulatory licenses in over 40 countries, Nium connects banks, fintechs, and businesses to a rapidly evolving global payments system.
Credit: AFP
