By Andrei Skvarsky.
Pan-African lender Ecobank and Singapore-based payments infrastructure company TransferTo have agreed the groundwork for a deal to facilitate cross-border financial transactions across Africa, promote financial inclusion in the continent and connect African economies to the rest of the world.
Among other things, the agreement would offer underbanked individuals wider opportunities for loans.
It would also lay the basis for more effective anti-money laundering measures and provide resources for financial security training for Ecobank personnel, the two companies announced in a joint statement in citing a memorandum of understanding.
TransferTo operates in 160 countries and Ecobank, which is headquartered in Lome, Togo, is present in 35 African nations, according to the two firms’ websites.