Abay Bank and WorldRemit are forging a relationship to help facilitate the transfer of funds from the growing Ethiopian Diaspora communities via its digital online low-cost money transfer service. This is its seventh partnership with local banks; including the state-owned Commercial Bank of Ethiopia (CBE).
Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, said in a press conference on Tuesday that, “Ethiopia is one of our fastest growing markets in East Africa and this key partnership will further support the country’s transition from costly offline remittances to a safer, faster, and low-cost online transfer methods.”
Founded in 2010 by venture capitalists, including a Somali – British entrepreneur Ismail Ahmed, the company is known to serve over 2 million customers and has its African headquarter in South Africa.
According to WorldRemit, its users in Ethiopia grew by 160 percent in the past year, with customers from Australia, Canada, US, and the UK dominating the vast majority of these transfers. It is involved in the transfer funds of one million customers per month, the vast majority being within the African continent.
“Abay Bank currently works with many known and trusted money transfer agents,” said Belete Dagnew, Vice President of Abay Bank. “The agreement with WorldRemit to work as a business partner will enhance our accessibility and efficiency in serving our esteemed customers specifically in money transfer services”.
Abay Bank was founded in 2010 and has a paid up-capital of 1,325,000,000 birr with shareholders totaling just over 4000. It is known for having late-night banking services which lasts until the wee hours of the night, closing at 9 PM unlike most of its competitors.
“Abay Bank is a highly competitive private bank in Ethiopia. We are delighted to give its customers access to our best in class online money transfer services, as well as offer a greater choice of cash pickup locations across the country,” Sharon Kinyanjui, told The Reporter.
By Samuel Getachew