[Ethiopia] TerraPay partners with Bank of Abyssinia to enhance cross border money transfers
On its path to strengthen and unify the global payments ecosystem, by offering a seamless cross border remittances platform, TerraPay a global payments Infrastructure Company, has announced a partnership with Bank of Abyssinia for bank account payouts in Ethiopia.
This strategic collaboration will enable TerraPay’s network partners in key global corridors such as USA, UK, Saudi Arabia and Australia to make instant, secure and low cost cross border money transfers to all bank accounts in Ethiopia.
This marks TerraPay’s entry into Ethiopia, with an objective of empowering Ethiopian migrant population residing in key global diaspora countries to efficiently and instantly send money to their family and friends back home, through the partner bank accounts.
Both the companies will work together to drive real-time digital remittances, foster financial inclusion and drive the adoption of cashless payments. Through this strategic partnership, the Bank of Abyssinia will get access to TerraPay’s global partner networks of 4Bn+ bank accounts and 500Mn+ million mobile wallets.
Speaking on the launch of the partnership, Willie Kanyeki, Regional Director – East & Southern Africa, TerraPay stated, “We are delighted to partner with the Bank of Abyssinia, a leading bank in Ethiopia, for transfers into bank accounts. Bank of Abyssinia with its extended and diversified digital and physical channels will offer convenience and access to millions of recipients throughout the country. It’s focus on operational excellence and digitalization will further solidify our partnership to satisfy our customers. Ethiopia is one of the fastest growing economies in the world and the country’s remittance market has a huge potential if we consider the volume of remittances that flows into the region from international corridors. As per the Population Division of the UN Department of Economic and Social Affairs, there are 1.3 million Ethiopian migrants present across the globe. Annually, Ethiopia receives USD 5-6Bn majorly from its diaspora in the US, Europe, and the Middle East. Private individual transfers, including remittances, are the top most important category of foreign exchange for Ethiopia covering 35% of imports. Now, in line with this partnership, we will be able to connect our partner’s customers in Ethiopia to our global bank account and mobile wallet partner networks. Through transparency and real time credits led by industry benchmark compliances, we believe we will strengthen the inbound money transfers into Ethiopia, over time.”
Mohammed Nuredin - Chief International Banking, Bank of Abyssinia on this partnership stated that, “TerraPay is a leading global payments infrastructure company, aimed at building an inclusive global financial ecosystem through its digital payments highway. TerraPay has built a credible name as a payments infrastructure provider and the Bank of Abyssinia is one of the most advancing banks in Ethiopia and has established a wide network across the country and excelled in its digital initiatives. This partnership will help us increase remittances inflow into Ethiopia, thereby empowering our customers to be connected to the world, with TerraPay’s global partner liaisons. ”