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July 18, 2019

WorldRemit powers digital remittances for Bunna Bank

Ethiopian lender Bunna Bank has teamed up with WorldRemit to enable digital money transfers.

Under the partnership, Ethiopian diasporas residing in more than 50 countries can make fund transfers home to 600,000 Bunna Bank accounts and 205 branches.

The service is the latest in the bank’s offering for improving operational efficiency.

A year ago, the bank invested over ETB100m ($3.4m) in order to upgrade its servers and card-banking switches as well launch new mobile and internet services.

WorldRemit managing director for Middle East and Africa Andrew Stewart said: “Our new partnership with Bunna Bank accelerates our efforts to connect millions of Ethiopians to our best in class digital money transfer service, and expands our reach across the country.

“We make sending money home as easy as sending an SMS. Over 90% of WorldRemit transactions are authorised within 10 minutes and customers can track their money’s journey in real-time using our ‘Track your Transfer’ function.”

The UK, US and Canada are said to be the top senders to Ethiopia.

According to data from Ethiopia’s central bank, the country secured over $5bn in money transfers for the fiscal year 2017/2018.

WorldRemit has been previously tapped by other Ethiopian banks as well.

They include Bank of Abyssinia as well as Wegagen Bank.

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