Published on:

Cooperative Bank of Oromia and WorldRemit partner for digital money transfers to Ethiopia

WorldRemit customers in over 50 countries can now send money quickly and securely to over 4 million Cooperative Bank of Oromia accounts and 360 new cash pickup locations directly from their phones

Addis Ababa and London, 24 October 2018: Leading digital money transfer service WorldRemit continues its rapid expansion in Ethiopia, partnering with Cooperative Bank of Oromia for digital money transfers.

The two million-strong Ethiopian diaspora living in over 50 countries can now send money quickly and securely to over 4 million Cooperative Bank of Oromia bank accounts and 360 cash pick-up locations across Ethiopia - from Dire Dawa to Nekemte and from Addis Ababa to Mekele.

A full list of cash pick up locations across the country can be found here.

Cooperative Bank of Oromia is one of the fastest-growing banks in Ethiopia, with over 4.2 million customers and 360 branches. The bank is committed to using digital technology to increase convenience for customers, and was one of the first banks in Ethiopia to offer online remittances.

Remittances play an important role in Ethiopia’s economy. According to the National Bank of Ethiopia, the country received over $4 billion in remittances in 2017.  

Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “Ethiopia is a key market for WorldRemit. We’re focussed on expanding our partner network to help more members of the diaspora to contribute to the country’s rapid economic development.”

“Cooperative Bank shares our vision of a digital-first future for remittances. We are delighted to introduce its customers to our best in class digital money transfer service and offer a greater choice of cash pickup locations across the country.”

Ahmed Hassan, Vice President of Corporate Banking at Cooperative Bank of Oromia, comments: Remittances are playing an increasingly large role in the growth of the Ethiopian economy and the livelihoods of our people. Expanding our network through WorldRemit will boost our bank foreign currency earnings and increase access to remittances for our people.

“Cooperative Bank of Oromia is one of fastest growing banks in Ethiopia with a strong customer base, that provides banking services all over the country from its 360 branches. We are glad to be partnering with WorldRemit and connecting our customers with their service.”

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.