Debub Global Bank partners with WorldRemit for digital money transfers to Ethiopia
The new partnership connects WorldRemit to over 120,000 Debub Global Bank accounts and 46 new cash pickup locations across Ethiopia
Addis Ababa and London, 19th March 2019: Debub Global Bank (DGB) 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 120,000 Debub Global Bank accounts and more than 46 cash pickup locations across Ethiopia –in major cities such as Addis Ababa and Hawassa.
WorldRemit has rapidly expanded in Ethiopia, with transactions 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. Customers can now send money to over 4,000 cash pick-up locations across the country and 32 million bank accounts at major Ethiopian banks including Debub Global Bank, the latest addition to WorldRemit’s vast partner network.
Debub Global Bank is one of the youngest and fastest growing financial institutions in Ethiopia. Founded in 2012, DGB has established a reputation for offering its customers with best-in-class banking services via deploying a customer centric business approach. Currently, the bank has widened its horizons by opening 46 service centres in Addis and cities across the country. Over the past few years, the bank has achieved major milestones in paid-up capital, total assets and profit. This tremendous growth has been largely driven by active participation of its valuable employees, customers, shareholders, and other stakeholders.
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 flood through informal channels, which are often costly and put customers at risk of fraud and transaction delays.
Ermias Teshome, Director of Marketing and Resource Mobilization at Debub Global Bank remarks: “It is part of our strategic priorities to engage with platforms that add value in banking services we offer to customers and partnering with one of the world’s renowned money transfer services, WorldRemit, is vital in meeting our goal of adding meaningful value to our esteemed customers. This partnership plays a key role in connecting the Ethiopian diaspora with their loved ones back home”.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “The launch of our partnership with Debub Global Bank builds on our rapid expansion in Ethiopia, and supports WorldRemit’s efforts to connect Ethiopians in over 50 countries to their loved ones at home with just a few taps on their phones. Our fast and convenient service will enable customers to send money instantly for cash pick-up at any Debub Global Bank branch or transfer to any Debub Global Bank account within 1-2 working days.”
WorldRemit customers complete over 1.3 million transfers every month from over 50 countries to over 145 destinations worldwide. Over 90% of WorldRemit transactions are authorised within 10 minutes and customers can track their money’s journey in real-time using the ‘Track your Transfer’ function.”
Visit the WorldRemit website for more information on how to send money to Ethiopia.