The product, dubbed “the Ecobank African Diaspora Account (EADA),” is simultaneously being launched at all 32 Ecobank subsidiaries in Africa.
It allows gainfully employed middle-income Africans in the Diaspora to open, own, and operate their personal accounts in their home countries and countries of residence.
Launching the product in Monrovia yesterday, Ecobank-Liberia Managing Director, Kola Adeleke, said the new product will have standard E-benefits such cards, E-Alerts, and internet banking, to name a few.
Mr. Adeleke explained that the EADA is schedule to be implemented in two phases.
“The first phase of the EADA,” he said “is within Africa, [and] targets countries in Africa where Ecobank is present.”
According to the Ecobank-Liberia Managing Director, the second phase of the EADA is outside of Africa and targets all other countries where Ecobank does not have commercial banking affiliates, especially in Europe and America.
Africans wanting to open EADA accounts with Ecobank, however, must meet the necessary eligibility criteria, which includes a minimum annual income of US$10,000.
Africans residing in the Diaspora who want to open EADA accounts but don’t have money on the continent will be responsible for the costs associated with transferring their deposits from their residence accounts to their new home country accounts.
Mr. Adeleke pointed out that Ecobank’s EADA customers will have easy access to their accounts anywhere and at all times within the Ecobank network.
“This product will also create an avenue for the customers to invest in their home countries while they are abroad,” he added. “It also provides them the ability to easily monitor their accounts’ activities through our Internet Banking Services.”
Ecobank has already begun offering online forms to Diaspora Africans interested in opening EADA accounts.
“They can visit our Ecobank website, download the forms, fill them in and submit.”
Mr. Adeleke told a news conference yesterday that all other details relative to opening the account are on the forms.
“Once you download the forms, other details of the Bank will be forwarded to you immediately,” he added.
The Ecobank-Liberia MD told reporters that EADA customers have nothing to worry about with regard to security because Ecobank has a built-in security system that protects its online customers.
“It is secured to the extent that it cannot be broken into,” he affirmed.
Adeleke indicated that the new product will contribute to the Bank’s growth through employment generation.
A study conducted by the Bank’s research group in preparation for the launch of this product shows that there are about 13 million Africans in the Diaspora within Ecobank Africa; 20% of that population (or 260,000) constitute a working class that are likely to take advantage of the Bank’s standard account opening process.
EADA will offer the regular features of Ecobank’s current and savings account plus transfers and cards.
Product management with features such as wealth management, mortgages, insurance (funeral benefits), and other related credits required by Diaspora account holders will be provided in due course.
