[Ethiopia] Bunna Bank and WorldRemit collaborate to boost digital money transfers
Digital money transfer service WorldRemit has joined forces with Bunna Bank for digital money transfers.
Three million-strong Ethiopian Diasporas living in over 50 countries can now send money home to about 600,000 Bunna Bank accounts and 205 branches in Ethiopia.
WorldRemit offers a variety of convenient ways for Ethiopian recipients with or without a bank account to receive money, including bank transfer, cash pickup and mobile money. The company is now connected to over 34 million bank accounts and 4,600 cash pickup locations throughout the country.
Launched in 2009, Bunna Bank is one of Ethiopia’s fast-growing banks, with a strong reputation for its state-of-the-art technology.
Last year, the Bank invested over 100 million birr in the improvement of its servers and card-banking switches and introduced new mobile and internet services to provide its customers with a seamless, digital-first service.
Top senders to Ethiopia include the United Kingdom, United States and Canada. The National Bank of Ethiopia estimates that the country received over $5 billion (183 billion birr) in remittances for the fiscal year 2017/2018.
However, evidence suggests that a significant portion of remittances to the country still arrive through informal channels, which are often costly and put customers at risk of fraud and transaction delays.
WorldRemit provides a solution to these challenges through its award-winning app and website. Customers can send money 24/7 with just a few taps on their smart phones. Today, around 70% of WorldRemit transfers are sent from the mobile app.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “Our new partnership with Bunna Bank accelerates our efforts to connect millions of Ethiopians to our best in class digital money transfer service, and expands our reach across the country.
“We make sending money home as easy as sending an SMS. Over 90% of WorldRemit transactions are authorised within 10 minutes and customers can track their money’s journey in real-time using our ‘Track your Transfer’ function.”
Abebaw Zewdie, Corporate Communication and Promotion Manager at Bunna Bank, comments: “Our partnership with WorldRemit, a leading global digital money transfer service provider, will add to our efforts to make our money transfer service more efficient. In addition, it will benefit our customers with regard to time and safety.”
WorldRemit sends from over 50 countries to 150 destinations via app and website. The company partners with over 16 major Ethiopian banks. In June 2019, the company launched its first Business product, allowing small and medium-sized business owners to quickly pay employees and contractors in Ethiopia.