Dashen Bank in Ethiopia has partnered with Thunes, a Singapore-based global payments network, to facilitate money transfers from around the world to the Horn of Africa country.
The move will allow clients to send cross-border funds directly to Dashen’s bank accounts, using Thunes’ network of sending partners with operations in more than 100 countries.
The service also supports real-time transfers to the Bank’s mobile money solution, called Amole Wallets, which is also in partnership with Flutterwave.
“We are delighted to partner with Dashen Bank, one of Ethiopia’s leading banks,” said Andrew Stewart, Global Head of Thunes Networks. “Our global partners can now offer their customers improved access to this important corridor in Africa with faster and more convenient transfers. “
Founded in 1995 and headquartered in Addis Ababa, Dashen Bank is one of Ethiopia’s largest private banks. It offers conventional and Sharia-compliant banking services through its more than 400 branches.
“This technology-based solution gives Dashen Bank customers quick and convenient access to foreign funds through Amole bank accounts and mobile wallets,” said Dashen Bank Managing Director Asfaw Alemu.
The cross-border payment solution aims to boost financial participation in Ethiopia as more people are expected to open Amole bank and wallet accounts to receive payments abroad.
Since the service is primarily intended for remittances, it is expected to boost the inflow of foreign currency into the country’s economy. Remittances sent from abroad are a vital lifeline for many communities in Ethiopia.
Dashen’s move comes as Ethiopia prepares to open up its state-controlled economy and accelerate the integration of banks and mobile wallets.
In May, state-owned Ethio Telecom launched its mobile money service, Telebirr, which has since registered six million users. The platform also connected its wallet to Commercial Bank of Ethiopia and Bank of Abyssinia this month.
In addition to expanding access to financial services, the government aims to tap local payments and international remittance markets.
Data from the National Bank of Ethiopia shows that official remittances to the country reached $ 4.5 billion in 2019. This represents about 5% of the country’s gross domestic product and exceeds revenues from the export sector. .
For Dashen Bank, the partnership with Thunes is “another positive step towards our goal of transforming Ethiopia’s financial services sector and delivering innovations to better meet the needs of our clients,” said Alemu.
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