2010-06-08
Ecobank Group partners Nedbank on ATMs
| ECOBANK Group and Nedbank of South Africa have entered into a partnership that will allow Ecobank customers access Nedbank’s Automated Teller Machines (ATMs) in South Africa.
This will also give Nedbank the opportunity to extend accessibility of regional cards issued by Ecobank to over 2,460 ATMs in Africa.
The Managing Director of Ecobank, Mr. Jibril Aku announced this partnership in Lagos last week.
Aku explained that Ecobank and Nedbank, which is one of the four biggest banks in South Africa have been involved in co-operative partnership on projects seem to be of mutual benefit to both banks.
According to the managing director, with the current alliance, Ecobank regional cards will as of today enable holders withdraw money in South African Rands from one of the 1,860 Nedbank’s ATMs throughout the country.
“The Ecobank regional card is a multicurrency debt card that allows Ecobank account holders to access funds in their accounts in the local currency of the country where Ecobank ATM or point of sale terminal is present,” he said.
The managing director disclosed that the cards are available to anyone with an Ecobank account and will offer considerable advantage to Nigerians travelling to watch the world cup in South Africa explaining that such customers can access South African Rands from any Nedbank ATM.
Also speaking at the event, the Group Head, Corporate Products of Ecobank Group, Mr. Oti Ikomi explained that while the card is a naira card, it can access the South African Rands and can be obtained from any branch of Ecobank or its website at a fee of N500 and can be used 24 hours of the day, just attracting a transaction cost of two per cent.
Ikomi stated that the card complies with the new regulation by the Central Bank of Nigeria (CBN) for chip and pin cards.
According to him, the withdrawal limit per day on the card is N100,000 while in South Africa the same rule applies as the maximum that the card user can withdraw from ATM in that country is the Rand equivalent of N100,000, at the prevailing official exchange rate.
Source:© Copyright Guardian
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