Leading digital money transfer service WorldRemit has teamed up with Dashen Bank for instant money transfers across Ethiopia.
The Ethiopian diaspora in over 50 countries can now send instant money transfers directly to Dashen bank accounts as well as 370+ new cash pickup locations at Dashen bank branches, using the WorldRemit app or website.
This deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
With a two million-strong Ethiopian diaspora living in countries such as United States, the United Kingdom, Australia and Canada, remittances play an important role in Ethiopia’s economy. However, the majority of its remittance flows are still going through informal, unregulated channels. Some estimates suggest that Ethiopia may have received over USD 3 billion in remittances in 2015, accounting for over 7% of its GDP.
Dashen is one of Ethiopia’s leading banks with 1.8 million customers and 372 branches across the country. It is renowned for introducing new technologies and services to the local banking industry, complementing WorldRemit’s mobile-first approach.