Bank of Abyssinia partners with WorldRemit for digital money transfers to Ethiopia

The new partnership connects WorldRemit to over 1,200,000 Bank of Abyssinia accounts and 317+ new cash pickup locations across Ethiopia

Addis Ababa and London, 26 February 2019: Bank of Abyssinia (BOA) has joined forces with leading digital money transfer service WorldRemit for digital money transfers to Ethiopia.

Ethiopians living abroad in over 50 countries, including the United States, United Kingdom and Canada, can now send money with a few taps from their phones to over 1,200,000 Bank of Abyssinia accounts and more than 317 new cash pickup locations across Ethiopia – from Woldia to Moyale.

WorldRemit has been rapidly expanding in Ethiopia, with transfers from the USA alone growing by over 230% in 2018. The company offers a variety of convenient ways for recipients with or without a bank account to receive money, including bank transfer, cash pickup and mobile money.

BOA is one of Ethiopia’s leading private banks. The company offers deposit and savings accounts to suit a diverse customer base as well as international banking and money transfer services. WorldRemit is BOA’s digital remittance partner to enable Ethiopians to send money home directly from their phones, without having to travel to a money transfer agent and pay expensive fees.

Remittances play an important role in Ethiopia’s economy. According to the National Bank of Ethiopia, the diaspora sent home over $5 billion for the fiscal year 2017/ 2018. However, evidence suggests that a significant portion of remittances to the country still go through informal channels, which are often costly and put customers at risk of fraud and transfer delays.

Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “As Ethiopia, Africa’s fastest-growing economy, becomes increasingly digital, WorldRemit is delighted to partner with leading financial institutions like Bank of Abyssinia to make it faster, simpler, and cheaper to receive money from around the world.

“Whether you’re in Washington or Winnipeg, we make sending money home as easy as sending an SMS. Over 90% of WorldRemit transfers are authorised within 10 minutes and customers can track their money’s journey in real-time using our ‘Track your Transfer’ function.”

Kagnew Wolde, Executive Director - Marketing Department at Bank of Abyssinia said: “Remittance plays a pivotal role in improving Ethiopia’s foreign currency reserve position. The partnership agreement between Bank of Abyssinia and WorldRemit could not thus come in better time as the Ethiopian Diaspora are mobilised in response to the new socio-political ecosystem.  

We believe that the platform created by this new partnership shall change the way remittances are handled like never before. The partnership between our two companies shall also make transfer simpler, faster and at the lowest cost making the service experience for our esteemed customers like never before.  

WorldRemit customers complete over 1.3 million transfers every month from over 50 countries to over 145 destinations.

Visit the WorldRemit website for more information on how to send money to Ethiopia.

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.