Collaboration with Nium will allow Ecobank’s 32 million customers to access faster and more efficient international transactions without complex integrations.
Nium, a leader in real-time cross-border payment infrastructure, has partnered with Ecobank, a prominent pan-African financial group, to provide seamless cross-border payment solutions for over 32 million customers across 35 African markets.
The partnership aims to enhance financial inclusion, supporting African businesses by improving the speed, accuracy, and accessibility of cross-border payments. The solutions will be particularly useful for local small and medium-sized enterprises (SMEs). This partnership will greatly reduce waiting times for cross-border transactions, allowing businesses that operate internationally to make faster payments to over 220 markets, including more than 100 countries with real-time payment capabilities.
Nium’s real-time payments infrastructure will be incorporated into Ecobank’s current banking systems such as its existing Swift workflows, enabling real-time transfers, updates, clearing, settlement, and payment tracking without requiring complex API setups.
Founded in 1985 and headquartered in Lomé, Togo, Ecobank operates in various segments, including retail, corporate, and investment banking, providing deposits, loans, and cross-border payment services to customers in over 30 countries across the African continent.
Nium is a global payments platform that enables businesses to send and receive money quickly across borders. Its services include money transfers, payments, and card issuance, leveraging APIs for integration with various financial systems. It helps organisations improve cross-border payment speed, accuracy, and cost-effectiveness.
Nium has recently expanded its local funding and collection capabilities to over 40 countries and 15 currencies, with plans for further growth. This broad network positions Nium as one of the few providers offering such extensive coverage. Customers can now access a wide range of local currencies through wire transfers and regional payment systems, catering to the diverse needs of markets, including those in developing and emerging economies.
Real-time payments are gradually expanding across Africa, but they are not yet widespread. Many regions of the continent still face challenges in infrastructure and regulatory frameworks. However, certain countries like South Africa and Kenya are leading in mobile and digital payment adoption and have their real-payment infrastructure gradually expanded. For instance, last month, Mastercard stated that South Africa would be its first market to benefit from real-time card payments.
