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WorldRemit, Ethiopian bank sign deal to boost remittances

WorldRemit struck deal Addis International Bank

Global money transfer agency WorldRemit has struck a deal with Addis International Bank, which is based in Ethiopia, to boost online money transfer in the country and add more users on the platform.

Ethiopia has more than 2 million people living in the diaspora and WorldRemit wants these people to use its application or website to send money home.

The money transfer company has partnered with several banks and set up 60 new cash pickup locations in the country.

According to a recent statement, WorldRemit has registered more than 140% growth in 2018 in Ethiopia, and this has been driven by partnerships that have been established.

WorldRemit is now connected to over 30 million bank accounts and 3,500 cash pickup locations throughout the country, according to The Exchange, a Tanzanian business news agency.

Addis International Bank currently has over 100,000 customers and more than 60 branches across Ethiopia.

The National Bank of Ethiopia says the country received over $4 billion in remittances in 2017.

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The Managing Director of the Middle East and Africa at WorldRemit Andrew Stewart said the partnership with Addis International Bank will accelerate its plan of reaching more Ethiopians.

“Since the beginning of the year, we have added nine new partners to our network in Ethiopia, connecting millions of Ethiopians to our best in class digital money transfer service. The new partnership with Addis Bank expands our reach in the country, enabling the diaspora to send money quickly and securely to over 100,000 bank accounts and 60 new cash pickup locations.”

Endeshaw Azaj, Manager, Marketing Division, at Addis International Bank, said, “Addis Bank’s profitability and capital base are increasing due to its reputation for strong customer service and a wide array of banking services. Remittances are an important source of foreign reserves.”

He added, “Our partnership with WorldRemit extends our ability to provide our customers with access to a best-in-class digital remittance service and supports the Bank’s foreign exchange reserves.”

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