[Ethiopia] Dashen Bank and WorldRemit in digital money transfers deal
Digital money transfer service WorldRemit has teamed up with Dashen Bank for instant money transfers across Ethiopia.
The Ethiopian diaspora in over 50 countries can now send instant money transfers directly to Dashen bank accounts as well as over 370 new cash pickup locations at Dashen bank branches, using the WorldRemit app or website.
This deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
With a two million-strong Ethiopian diaspora living in countries such as United States, the United Kingdom, Australia and Canada, remittances play an important role in Ethiopia’s economy.
However, the majority of its remittance flows are still going through informal, unregulated channels. Some estimates suggest that Ethiopia may have received over $3 billion in remittances in 2015, accounting for over 7% of its GDP.
Dashen is one of Ethiopia’s leading banks with 1.8 million customers and 372 branches across the country. It is renowned for introducing new technologies and services to the local banking industry, complementing WorldRemit’s mobile-first approach.
Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “We are delighted to be partnering with Dashen Bank, a leading financial institution in Ethiopia and one of the country’s early adopters of digital financial services. Our partnership with Dashen will drive convenience and ease of banking, and offer recipients a greater choice of pickup locations across Ethiopia.”
Mulugeta Alebachew, Director of the Marketing and Corporate Communications Department at Dashen Bank comments: “We are delighted to partner with WorldRemit and look forward to a bright future.”
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete one million transfers every month from 50 countries to over 145 destinations. More than half of its transfers go to Africa.