Addis Ababa — The Commercial Bank of Ethiopia (CBE) has unveiled today CBE Connect, a digital platform that bundles together over seven financial services, eliminating barriers with direct transfers from global banks to Ethiopian fintech wallets.

The digital app is developed in partnership with the local fintech firm StarPay Financial Technologies (Eaglelion Technology Plc), it was learned.

CBE Connect merges seamless digital payments with traditional banking, offering secure tools for Ethiopians at home and abroad.

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CBE Acting President, Ephrem Mekuria, described the platform as a game-changer amid Ethiopia's push for modernization under the Digital Ethiopia 2030 strategy.

He stated at the launch event that CBE Connect is a pivotal element of the bank's global vision and bridges local and international users, simplifying remittances and fostering worldwide connections.

Supporting different currencies like the USD, it also facilitates effortless, fee-free transfers, slashing reliance on informal remittance networks that dominate Ethiopia's 5 billion USD annual remittance market.

Moreover, the platform promotes legal remittance channels, encouraging users to bypass unregulated informal systems.

For his part, StarPay CEO Besufekad Getachew said "over seven financial services are packed into one app, eliminating barriers with direct transfers from global banks to Ethiopian fintech wallets".

Beyond remittances, the platform serves to pay utility bills worldwide, manage investments like buying cars or homes in Ethiopia, and handle daily finances effortlessly, he added.

CBE Connect integrates with Ethiopia's Commercial Bank account systems and other domestic banks, enabling interbank transfers that streamline cash flows and its robust design supports both online and offline modes, ensuring access in remote areas with unreliable internet.