Dashen bank introduces another digital scheme to its remittance operation portfolio. From now on customers will enjoy the easiest and inexpensive pattern for their beloved ones or other partners on the money transfer.
To realize the new scheme, Dashen has partnered with Thunes, a leading global payments network.
As per the partnership, the scheme will allow cross-border fund transfer facilitation, making it quicker and cheaper to send money to Ethiopia from around the world directly to customers’ bank accounts and Amole wallets.
In a press conference held on Thursday November 11, Thunes, a Singapore based B2B company that powers payments for the world’s fastest-growing businesses, and Dashen Bank expressed their commitment to make international money transfers and remittances to Ethiopia fast and in real-time, at more affordable rates using Thunes’ network of sending partners, which operate in more than 100 countries.
Experts stated that the new scheme that Dashen, which is a pioneer on adapting and introducing technology based financial services in the country, would boost the money transfer that flow on legal channels since it is swift and less costly.
The statement that Dashen issued stated that the cross-border payment solution will boost financial participation in Ethiopia as more people are expected to open bank and Amole wallet accounts to receive easy overseas payments.
At the press conference held at Dashen HQ, Asfaw Alemu, President of the Bank said that Dashen is pleased to partner with Thunes, a trusted global leader in the cross-border payments landscape.
Asfaw said this technology-powered solution gives Dashen bank customers fast and convenient access to overseas funds via bank accounts and Amole mobile wallets, “It’s another positive step towards our goal of transforming Ethiopia’s financial services sector and delivering innovations to serve our customers’ needs better,” remarked the bank’s president.
Sandra Yao, Thunes Senior Vice President for Africa, indicated that partnership with Dashen bank will enable customers to send cross-border funds directly to Dashen bank accounts and also support real-time transfers to their mobile money solution – Amole wallets.
‘’We look forward to working with Dashen Bank to help them simplify cross-border transfers for their customers,” she said.
The bank announced that the enhanced remittance service will also boost the inflow of much-needed foreign currency to the country’s economy, where funds sent from abroad are a vital lifeline for many communities.
Currently partners of Thunes include major global players such as Remitly, Ria Financial Services and Western Union, with many more in the pipeline. Customers have benefited from faster payments, with 85 percent of the transactions to Amole wallets processed in real-time.
“Thunes’ priority is to continually expand our network coverage to give our partners better access and increased payment options,” Thunes’ Senior Vice President noted.
Thunes is used by leading global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world.
Dashen bank which was established in 1995 is one of the pioneer banks in Ethiopia in terms of introducing digital financial solutions and banking technologies. It offers conventional and Sharia-compliant banking services through more than 460 branches. Dashen now has more than 3 million Amole subscribers shortly after it introduced the platform in July 2018.
The bank works in collaboration with various international money transfer agents and has long established strategic partnership with some of the biggest global card networks including American Express, VISA, MasterCard, and China Union Pay.