Multinational pan-African banking conglomerate Bank of Africa will launch a new innovative offering for South to North money transfer. The media report says that it has partnered with Sopra Banking Software (SBS) for this purpose. Mounir Chraibi, chief operating officer at Bank of Africa told the media that the Bank of Africa is embarking on a key project that is to be launched. By this they will complete the very first transfer by card ‘DabaTransfer’.
According to the chief, they are convinced that their 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. They are planning to reduce the cost of money transfers and simplify the customer experience. This can be achieved by capitalising on open banking opportunities with next-generation money remittance software. Last month, their Bank had signed a bilateral agreement with Chinese manufacturer Chongqing Sokon Motor. This happened during an investment conference that was held last week in China. That agreement would be an important factor in the exchange of information on investments and China-Africa financing. The Bank of Africa stated in a press conference that cooperation with China’s Chongqing Sokon Motor Group would fall into the framework of previous Sino-Moroccan agreements. Bank of Africa is now operating subsidiary banks in seventeen locations across Africa and Europe.