Global digital money transfer service WorldRemit has joined forces with Addis International Bank for digital money transfers.
Using the WorldRemit app or website, the two million-strong Ethiopian diaspora living in over 50 countries can now send money home to over 100,000 Addis Bank accounts and 60 new cash pickup locations in Ethiopia – from Addis Ababa to Dire Dawa.
Transactions to Ethiopia via WorldRemit have grown by over 140% this year, driven by the rapid expansion of its partner network. WorldRemit is now connected to over 30 million bank accounts and 3,500 cash pickup locations throughout the country.
Addis International Bank offers a range of inclusive financial services to meet the needs of different income groups. It currently has over 100,000 customers and more than 60 branches across Ethiopia.
Remittances play an important role in Ethiopia’s economy. According to the National Bank of Ethiopia, the country received over $4 billion in remittances in 2017.
Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “We are delighted to partner with Addis Bank, a company that shares our commitment to supporting financial inclusion in Ethiopia.
“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, comments: “Addis Bank’s profitability and capital base are increasing due to its reputation for strong customer service and wide array of banking services. Remittances are an important source of foreign reserves. 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.
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 over 50 countries to over 145 destinations. More than half of its transfers go to Africa.