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Bank of Africa to launch a new innovative offering for South to North money transfers

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In order to do so, it has partnered with Sopra Banking Software (SBS)

Multinational pan-African banking conglomerate Bank of Africa is set to launch a new innovative offering for South to North money transfer, media reports said. In order to do so, it has partnered with Sopra Banking Software (SBS).

Mounir Chraibi, chief operating officer at Bank of Africa told the media, “Bank of Africa is embarking on a key project to launch a new innovative offering for South to North money transfers, that will complete the very first transfer by card ‘DabaTransfer’ offering we’ve initiated recently.

“We are convinced that our partnership with Sopra Banking Software and the deployment of this Open Banking Platform will be a driving force to facilitate fast, easy, and cost-effective remittances. By capitalising on open banking opportunities with next-generation money remittance software, we will reduce the cost of money transfers and simplify the customer experience.”

Last month, the Bank of Africa signed a bilateral agreement with Chinese manufacturer Chongqing Sokon Motor during an investment conference held last week in Yinchuan, China. According to both parties, the agreement would be an important factor in ‘the exchange of information on investments and China-Africa financing.’

In a press conference, the Bank of Africa said that cooperation with China’s Chongqing Sokon Motor Group would fall into the framework of previous Sino-Moroccan agreements.
Bank of Africa currently operates subsidiary banks in seventeen locations across Africa and Europe.

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