Awash Bank partners with WorldRemit for digital money transfers to Ethiopia
WorldRemit customers in over 50 countries can now send remittances to all Awash Bank accounts directly from their phones
The new partnership further increases WorldRemit’s footprint in the country and allows the two million members of the Ethiopian diaspora living in over 50 countries to send money home quickly and securely to nearly two million bank accounts and 366 cash pick up locations in Ethiopia. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
A full list of cash pick up locations in Ethiopia can be found here.
In the past year, transactions to Ethiopia via WorldRemit grew by 160%. Top remittance sending countries to Ethiopia via WorldRemit include Australia, United States, Canada and United Kingdom.
Awash is Ethiopia’s largest private bank with an extensive network of 366 branches across the country and a strong reputation for customer service. Remittances play an important role in Ethiopia’s economy, with estimates suggesting that Ethiopia may have received over $3 billion in remittances in 2015, accounting for over 7% of its GDP.
However, the majority of Ethiopia’s remittance flows are sent through informal, unregulated channels, which increases the cost and inconvenience of sending money. According to the World Bank, Sub-saharan Africa remains the most expensive region globally to send money to.
Andrew Stewart, Regional Director of Africa and the Middle East at WorldRemit, comments: “Awash Bank is the leading private bank in Ethiopia. We are delighted to give its customers access to our best in class online money transfer service, as well as offer a greater choice of cash pickup locations across the country.
“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 safer, faster and lower cost online transfer methods.”
Tadesse Gemeda, Chief Wholesale Banking Officer at Awash Bank, comments: “Awash Bank has been working with numerous international money transfer agents. The current partnership with WorldRemit will undoubtedly boost our remittance service quality. We have a strong conviction that partnering with WorldRemit will not only give beneficiaries more options but also make digital money transfers more efficient by offering flexible and affordable options.”
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete one million transfers every month from over 50 countries to over 145 destinations. More than half of its transfers go to Africa.