Ethiopian lender Wegagen Bank has teamed up with WorldRemit to offer digital money transfer service to its clients.
Through the alliance, three million Ethiopian people residing in over 50 countries abroad can make fund transfers home.
The service will facilitate money transfer to more than 1.2 million Wegagen Bank accounts or the bank’s 335 branches in Ethiopia.
WorldRemit rolled out its mobile money service in the country last year.
Moreover, the remittance firm is connected to 32 million bank accounts and 4,000 cash pick-up locations across the country.
According to estimates by Ethiopia’s central bank, the country secured money transfers of over $5bn in 2017/2018 fiscal year.
The UK, US as well as Canada are said to be the top senders to the nation.
Commenting on the alliance, WorldRemit head of East and Central Africa Sharon Kinyanjui said: “Like WorldRemit, Wegagen Bank is committed to offering its customers choice and convenience through digital financial services.
“This new partnership will further expand WorldRemit’s reach in Ethiopia, and help Ethiopian Diaspora communities worldwide connect with family and friends back home.”
Wegagen Bank was set up in 1997. At present, the bank has tie-ups with more than 11 international money transfer agents.
Earlier this year, WorldRemit collaborated with Ethiopia’s Bank of Abyssinia.