Flutterwave to make Ethiopian remittances services easy and affordable
The days of manual paperwork and delays will soon be a thing of the past in the Ethiopian money transfer space, thanks to a new partnership between Flutterwave, Africa’s leading payments Technology Company and Amole, Ethiopia’s largest mobile Digital Wallet platform.
The new partnership will allow over 8M Ethiopian Diaspora to send money instantly through Amole, to Amole Wallet, bank accounts and cash pickup locations at over 2,500 locations.
Amole offers its customers digital payment capabilities and access to digital products and services to enable users to complete essential transactions at their convenience. The new partnership with Flutterwave will serve the Ethiopian economy by making diaspora remittances easier for over 8M members of the Ethiopian Diaspora that remit over USD $5B annually to Ethiopia.
International Money Transfer Operators (IMTOs) and businesses on Flutterwave as well as Barter by Flutterwave users can send money into Ethiopia via this partnership.
Before this deal, the remittance service in Ethiopia today was seen by users to be expensive, with manual paperwork and delays making it challenging and time consuming for the diaspora community.
According to a report by the National Bank of Ethiopia, over 75% of Ethiopia’s population is unbanked, while nearly 40% of all bank branches are in the capital city Addis Ababa.
This collaboration will extend financial services to these underserved communities, by facilitating remittances from diaspora Ethiopians, hence expanding business opportunities for small and growing businesses in these communities. Subsequently, this will boost financial inclusion within the country as users of the service will have the option to collect cash from any of Amole’s 2,500 authorised agent locations.
Speaking on the partnership, Flutterwave Founder and Chief Executive Officer Olugbenga ‘GB’ Agboola, expressed his delight with the collaboration with Amole to enable digital remittances and cash pickup into Ethiopia. “Our collaboration will ensure that Ethiopian businesses are getting paid from all over the world, opening massive opportunities for business growth, a goal we are passionate about. This is just the beginning, and we hope to deepen the discussions around our partnership to the benefits of Africans, everywhere.”
Other stakeholders in the deal such as Asfaw Alemu, CEO of Dashen Bank, and Yemiru Chanyalew, CEO Moneta Technologies, said they were equally in support of the partnership. “This partnership will play an important role in delivering even more value to our diaspora community, linking them to their country with more opportunities for global eCommerce in the near future.
We are very excited to work with Flutterwave and leverage our combined technologies to broaden our offering to the Ethiopian Diaspora community, our customers and merchants to enable cross-border remittance and commerce,” they said jointly.
To make payment via this new service, a sender outside Ethiopia inputs the details of the receiver in Ethiopia, the payment destination (Amole digital wallet, bank account, or cash pickup location anywhere in Ethiopia), and the security question and answer with which the receiver can access the funds if the preferred payment destination is via an Amole authorised agent.