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Skye Bank inaugurates funds transfer service for W’Africa

By on February 24, 2012

Skye Bank Plc has introduced a funds transfer service within its network of subsidiaries in Nigeria, The Gambia, Sierra Leone and Guinea, in order to boost trade and facilitate payment in the West African sub region.

The new funds transfer service, known as African Payment Service, according to the bank, is available in all the bank’s branches in Nigeria and in the countries where it has presence.

Speaking at the inauguration of the service in Lagos on Thursday, the bank’s Group Managing Director and Chief Executive Officer, Mr. Kehinde Durosinmi-Etti, said the new offering was convenient, secure, cost effective, fast and reliable, adding that the service had an enhanced security of transfer code via the use of scratch card.

According to the Skye Bank’s boss, the service which is a dollar denominated one, is devoid of exchange rate volatility and does not attract hidden charges. He noted that the service would help in promoting trade on the African continent, adding that it was opened to both account and non- account holders.

On the benefits of the service to the customers, Durosinmi-Etti said the risks associated with physical carrying of cash as well as the possibility of theft and harassments by border guards would be eliminated.

Also speaking, the Executive Director, South South/Retail Banking, Mrs Ibiye Ekong, explained that the new funds transfer service was an enhancement over the bank’s existing product known as Flitcash, which was a local funds transfer service.