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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”