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Nib International Bank (NIB) partners with WorldRemit for digital money transfers to Ethiopia

WorldRemit customers in over 50 countries can now send money quickly and securely to more than 700,000 NIB Bank accounts and 214 new cash pickup locations directly from their phones

Addis Ababa and London, 05 September 2018 - Leading digital money transfer service WorldRemit has partnered with Nib International Bank (NIB) for online money transfers to Ethiopia.

The new partnership allows Ethiopians living in over 50 countries to send digital money transfers to 700,000 NIB accounts and 215 cash pickup locations or branches across Ethiopia - from Dilla to Shire and Nekemte to Dire Dawa.

To find out your nearest branch in Ethiopia, visit the WorldRemit website.  

Transactions to Ethiopia via WorldRemit have grown by over 160% this year. Top senders to the country include Australia, the USA, the UK and Canada.

NIB is one of the leading banks in Ethiopia, with over 700,000 customers and a network of 215 branches across the country. The partnership supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

Remittances play an important role in Ethiopia’s economy, with estimates suggesting that the country may have received over $4 billion in remittances in 2017 However, the majority of Ethiopia’s remittance flows are sent through informal, unregulated channels, which increases the cost and inconvenience of sending money.

 Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “Ethiopia is one of our fastest growing markets in East Africa and we are delighted to be having NIB, one of the leading banks in Ethiopia, to our partner network.

“Our partnership will connect over 700,000 NIB customers to our best in class online money transfer experience and offer recipients a wider variety of convenient cash pickup locations.”

Welella Mohammed, Manager, Public Relations & Promotion at NIB Bank, comments: We are delighted to partner with WorldRemit, best in class and leading digital money transfer service in the world. We believe that this strategic partnership is a milestone achievement for us towards the bank’s endeavour in the digitization of the remittance service and we strongly believe the ever dynamic and growing demand of our current and future customers can be well addressed.

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.

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

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Media Contacts

Jo Bancroft
PR Executive
jbancroft@worldremit.com

Nib International Bank

Welella Mohammed
Manager, Public Relations & Promotions
welellam@nibbanksc.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 NIB Bank

Nib International Bank (NIB) was established on 26 May 1999 under license no. LBB/007/99 in accordance with the Commercial Code of Ethiopia and the Proclamation for Licensing and Supervision of Banking Business Proclamation no. 84/1994 with the paid up Capital of birr 27.6 million and authorized capital of Birr 150 million by 717 Shareholders. The Bank commenced the operation in 28 October 1999 by 27 employees. It joined the banking industry as the sixth private bank licensed in the country.

The Bank implemented Mobile and Internet Banking and deployed state-of-the-art payment switch through which it issues NIB cards and has placed its ATM’s at various locations throughout the Country to provide its diversified products in convenient ways to our esteemed customers. Moreover, to enhance the application of modern banking technologies and to provide competitive service via a wide range of card banking services, the Bank has established a strategic partnership with MasterCard, VISA and Union Pay branded cards which are one of the breakthroughs to provide international payment service.

The Bank has registered a steady growth and achievement in all aspects of its operations since its establishment. At the end of financial year 2016/17, its total deposits and loans and advances stood at about Birr 16.4 billion and Birr 10.9 billion respectively.  Total assets also grew to about Birr 21.1 billion and paid up capital to Birr 1.8 billion.  The level of net profit before tax and after tax reached Birr 681.5 million and Birr 516.4 million in 2016/17 respectively. The Bank’s shareholders are close to 4,000 and the total number of customers exceeds 520,000.  The Bank’s employees reached more than 3,600 as at June 2017.

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