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March 1, 2019updated 04 Mar 2019 12:56pm

WorldRemit partners Diamond Trust Bank, Bank of Abyssinia for digital remittances

Money transfer firm WorldRemit has collaborated with Diamond Trust Bank (DTB) and Bank of Abyssinia (BOA) to enable remittances to Uganda and Ethiopia, respectively.

The alliance with DTB will enable Ugandans living in over 50 countries to make fund transfers to 37 new cash pickup points in Uganda using their phones.

According to World Bank data, the country received remittances of more than $1.3bn in 2017.

Senders can opt for a range of payout options such as bank transfer, cash pickup, mobile money and airtime top-up.

WorldRemit country manager for Uganda Ivan Kanyali said: “Uganda is now our fourth largest receive market in Africa and is growing at over 35% year-on-year. Our partnership with DTB adds several new cash pickup locations across urban and rural areas of Uganda to our network., making it even easier for recipients to receive money from abroad.”

Through the partnership with BOA, the Ethiopian diaspora living in over 50 countries, including the US, UK and Canada, can send money home directly via phone.

The service will support remittances to over 1,200,000 BOA accounts and over 317 new cash pickup locations in Ethiopia.

National Bank of Ethiopia data found the Ethiopian diaspora making $5bn in fund transfers home for the fiscal year 2017/2018.

Bank of Abyssinia executive director – marketing department Kagnew Wolde said: “Remittance plays a pivotal role in improving Ethiopia’s foreign currency reserve position.

“The partnership agreement between Bank of Abyssinia and WorldRemit could not thus come in better time as the Ethiopian Diaspora are mobilised in response to the new socio-political ecosystem.”

 

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