Ethiopia: Bank Treks Step Ahead, Launches Remittance App

The Bank of Abyssinia in collaboration with Sol-get Travel P.L.C has launched a CashGo International remittance Service and donation collection mobile application, which helps Ethiopia earn better foreign exchange.

Launching the application at Hyatt Regency, Online Banking Director of Abyssinia Bank, Abay Sime said that the newly introduced Payment Gateway Technology, allows Ethiopians to send money easily to their friends and relatives in a blink using their mobile phones.

Through sending foreign currency for Ethiopians from any country abroad, it will save the extra charge that would be paid for foreign remittance offering companies like Money Gram, World Remit, and western Union.

Mentioning that this mobile app will be of great benefit to the country, Abay noted that the CashGo App can be easily downloaded by anyone from the Play Store or App Store and easily accessed through using the Visa or Master Card.

Tewodros Shiferaw, CAO of Sol-get Travel P.L.C on his part stated that the application will reduce compensation payment for international remittance organization by 1.5 percent after its implementation. Ethiopia was supposed to pay 5-7 Percent commission of its foreign currency that earns from the remittance.

As to him, Ethiopia is losing millions of USD for the commission payment of its remittance per month. Therefore, Cashgo has will help increase the revenue earned from remittance, he noted.

CAO of Guzogo and Cashgo, Besufekad Getachew also elucidated that the application will serve the country to earn additional foreign exchange to directly support the economy.

Pointing out the advantage of the application in supporting the Premier's initiative to call for diasporas to save 'a dollar a day' to support development projects for in Ethiopia, he further stated that this will also help the government to collect donation and supports for different mega projects easily.

As to him, the application enables any client to apply directly through bank transfer, receiving cash from any Banks and or collect foreign currency for different government projects.

Agreeing on the advantages of the newly launched technology, participants from different Commercial Banks and Public offices coupled with the diaspora members have agreed to apply this technology as soon as possible.

More From: Ethiopian Herald

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