Global money transfer company, WorldRemit has partnered with the Commercial Bank of Ethiopia (CBE) to launch the first ever international mobile money transfer service to Ethiopia. This will allow customers to transfer money quickly and securely to over 20 million CBE bank accounts and 1,300 cash pickup locations. They will also be able to send money to any mobile number throughout Ethiopia.

“We are proud to be a pioneering bank in modernizing Ethiopia’s payment systems. The various e-payment facilities deployed have enabled us to become the number one provider of technology-based banking services,” said Bacha Gina, President of the Commercial Bank of Ethiopia.

Sharon Kinyanjui, the Head of East and Central Africa at WorldRemit also added that this development would extend financial services to the unbanked population in Ethiopia. Thus making it easier for rural communities and low-income households to receive money directly to their mobile phones.

The Commercial Bank of Ethiopia is the oldest bank in Ethiopia. It also serves 20 million account holder and shares WorldRemit’s commitment to improving convenience for customers through digital solutions that offer comprehensive online and mobile banking services.

WorldRemit trades in all major African currencies and has an extensive distribution network that includes banks, mobile money and cash pick-up points around Africa. Transactions to Ethiopia via WorldRemit rose by about 140 percent in 2018, this was driven by the rapid expansion of its partner network.

With this partnership, WorldRemit is now connected to over 30 million bank accounts and 3,500 cash pickup locations throughout Ethiopia.

Comments

Elsewhere on Ventures

Triangle arrow