6 October 2018

Ethiopia: Abay Bank Joins Worldremit

Abay Bank has become the latest private bank to join WorldRemit, a money transfer agent.

The new partnership further increases WorldRemit's footprint in the country, which has previously partnered with Commercial Bank of Ethiopia, Dashen, Nib and Awash banks.

It plans to dip into the market that connects millions of Ethiopian diaspora in over 50 countries to friends and kin in Ethiopia. WorldRemit plans to serve 10 million customers in emerging markets by 2020.

In the past year, transactions to Ethiopia through WorldRemit grew by 160pc. Top remittance origins for Ethiopia through the money transfer agent were Australia, the United States, Canada and the United Kingdom.

Remittances play an important role in Ethiopia's economy, with well over four billion dollars coming into the country, according to the National Bank of Ethiopia.

Ethiopia

Ethiopia's Former President Girma Woldegiorgis Dies

Girma Woldegiorgis who served for two consecutive terms as president of Ethiopia has passed away last night. Read more »

See What Everyone is Watching

Copyright © 2018 Addis Fortune. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.