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Dashen Bank partners with WorldRemit for digital money transfers to Ethiopia

New partnership will allow WorldRemit customers in over 50 countries to send money instantly to Dashen bank accounts and hundreds of new cash pickup locations across Ethiopia

Addis Ababa and London, 16 August 2018: Leading digital money transfer service WorldRemit has teamed up with Dashen Bank for instant money transfers across Ethiopia.

The Ethiopian diaspora in over 50 countries can now send instant money transfers directly to Dashen bank accounts as well as 370+ new cash pickup locations at Dashen bank branches, using the WorldRemit app or website.

This deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

With a two million-strong Ethiopian diaspora living in countries such as United States, the United Kingdom, Australia and Canada, remittances play an important role in Ethiopia’s economy. However, the majority of its remittance flows are still going through informal, unregulated channels. Some estimates suggest that Ethiopia may have received over $3 billion in remittances in 2015, accounting for over 7% of its GDP.

Dashen is one of Ethiopia’s leading banks with 1.8 million customers and 372 branches across the country. It is renowned for introducing new technologies and services to the local banking industry, complementing WorldRemit’s mobile-first approach.

Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “We are delighted to be partnering with Dashen Bank, a leading financial institution in Ethiopia and one of the country’s early adopters of digital financial services. Our partnership with Dashen will drive convenience and ease of banking, and offer recipients a greater choice of pickup locations across Ethiopia.”

Mulugeta Alebachew, Director of the Marketing and Corporate Communications Department at Dashen Bank comments: “We are delighted to partner with WorldRemit and look forward to a bright future.”

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 50 countries to over 145 destinations. More than half of its transfers go to Africa.

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

 

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Media Contacts

WorldRemit
Jo Bancroft
PR Executive
jbancroft@worldremit.com

Dashen Bank
Mulugeta Alebachew
Director, Marketing & Corporate Communications Department
Mulugeta.a@dashenbanksc.com

WorldRemit Ethiopia Partnerships Contact

Elfagid Aregahegne Woldegiorgis
Head of Business Development & Operations Ethiopia
ewoldegiorgis@worldremit.com

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

  • Transfers to most countries are instant – send money like an instant message.
  • More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
  • Available in over 50 countries and more than 145+ destinations.
  • Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

About Dashen Bank

Dashen Bank coined its name from the highest peak in the Country, Mount Dashen, and aspires to be unparalleled in banking services.

Headquartered in Addis Ababa, the bank is among the biggest private Banks in Ethiopia. It operates through a network of more than 372 branches, 10 dedicated Forex Bureaus, 305 ATMs and 837 plus Point-of-Sale (POS) terminals spread across the length and breadth of the nation. It has established correspondent banking relationship with 461 banks covering 70 countries and 170 cities across the world. Wherever business takes customers around the world, Dashen Bank is already there.

Dashen is the most reputable brand in the domestic banking market; a reputation earned through consistent delivery of values and preeminence unmatched by its competitors. The Bank also works in partnership with leading brands in the electronic payments industry (AMEX, VISA, MasterCard &Union Pay) and prominent money transfer operators (Western Union, MoneyGram, Express Money, WorldRemit, & Dahabshiil, Ezremit, Transfast, KAAH and Ria).

Current Status

The bank, which was established with a paid up capital of Birr 14.9 million, has grown in leaps and bounds in the past 22 years. The following figures indicate the position of the Bank.

Total assets (as at June 30, 2017)  ETB 34.6 billion

Deposits (as at June 30, 2017)  ETB 27.8 billion

Loans & advances (as at June 30, 2017) ETB 17.7 billion

Profit before tax (as at June 30, 2017)  ETB 980 million

Number of Area branches 372

Number of Foreign Exchange Offices 10

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