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Wegagen Bank partners with WorldRemit to offer digital money transfer service

WorldRemit continues its rapid growth in Ethiopia by launching digital money transfers to over 1 million Wegagen bank accounts and 335 new cash pickup locations in the country

Addis Ababa and London, 15 May 2019- Wegagen Bank and WorldRemit one of the leaders in global money transfer announced their partnership to provide digital money transfer service to Ethiopian customers in a joint press conference on May 15, 2019 at the Hilton Hotel in Addis Ababa.

Wegagen Bank President Abay Mehari said on the occasion: “We are delighted to partner with WorldRemit one of the leading digital money transfer service provider to give our customers more options to receive money sent to them from abroad fast and safe.” He added Wegagen customers would benefit from the fastest and safest money transfer service Wegagen would provide in cooperation with WorldRemit.

The partnership between Wegagen Bank and WorldRemit enables the three million-strong Ethiopian Diaspora living abroad in over 50 countries to send money home to over 1.2 million Wegagen Bank account holders safely and fast. Beneficiaries can also collect money sent from abroad at any of Wegagen Bank’s 335 branches across Ethiopia.

Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, on her part said: “We are pleased to partner with one of Ethiopia’s leading private commercial banks. Like WorldRemit, Wegagen Bank is committed to offering its customers choice and convenience through digital financial services.” Kinyanjui also said, “This new partnership will further expand WorldRemit’s reach in Ethiopia, and help Ethiopian Diaspora communities worldwide connect with family and friends back home.”

World Remit offers a variety of convenient ways for recipients in Ethiopia with or without a bank account to receive money, including bank account transfer, cash pickup and mobile money. WorldRemit is a global leader in international remittances to mobile money services, and launched its first mobile money service to Ethiopia in 2018. In addition to mobile money, the company is connected to 32 million bank accounts and 4,000 cash pick-up locations nationwide.

Top senders to Ethiopia include the United Kingdom, United States and Canada. The National Bank of Ethiopia estimates that the country received over $5 billion in remittances in 2017/2018 fiscal year. However, evidence suggests that a significant portion of remittances to the country still flow through informal channels, which are often costly and put customers at risk of fraud and transaction delays.

WorldRemit provides a solution to these challenges through its award-winning mobile phone application and website. Customers can send money 24/7 with just a few taps on their smart phones. Today, around 70% of WorldRemit transfers are sent from the mobile app.

Having started operations in June 1997, Wegagen Bank offers a wide range of efficient banking services including electronic banking particularly, mobile banking.  The Bank provides both local and international money transfer service and partners with over eleven international money transfer agents. Currently Wegagen Bank has a network of 338 Branches of which 134 are in Addis Ababa and the remaining 204 are located in other cities and towns across the country.