Flutterwave, a major payments technology company in Africa, has announced its partnership with Amole, Ethiopia’s largest mobile digital wallet platform, to facilitate money transfer to Ethiopia through Amole, to Amole Wallet, bank accounts, and cash pickup at over 2,500 locations across the country.
Amole offers its customers digital payment capabilities and digital products and services to enable users to complete transactions at their convenience.
The new partnership with Flutterwave will serve the Ethiopian economy by making remittances easier for over 8m members of the Ethiopian diaspora that remit over $5bn annually to Africa’s second most populous country.
International Money Transfer Operators (IMTOs) and businesses on Flutterwave as well as Barter by Flutterwave users can send money to Ethiopia via this partnership.
Partnership marks an improvement over the current system
The remittance service in Ethiopia is currently seen by many as expensive, with manual paperwork and delays making it challenging and time consuming.
This partnership solves these problems by providing instant delivery of funds to the receiver at no fee, with more control over where and how to send money, including transparency from a regulatory standpoint.
According to a report by the National Bank of Ethiopia, more than 75% of Ethiopia’s population is unbanked, while nearly 40% of all bank branches are in the capital city Addis Ababa.
This collaboration will extend financial services to these communities, by facilitating remittances from diaspora Ethiopians, hence expanding business opportunities for small and growing businesses in these communities.
Ease of use and convenience
To make payment via this new service, a sender outside Ethiopia simply inputs the details of the receiver in Ethiopia, the payment destination (Amole digital wallet, bank account, or cash pickup location anywhere in Ethiopia).
Then, provides the security question and answer with which the receiver can access the funds if the preferred payment destination is via an Amole authorized agent.
The Flutterwave-Amole partnership will boost financial inclusion in the country, as users of the service can choose from 2,500 authorised agent locations.