Dashen Bank and Moneta Technologies, Ethiopia’s largest mobile Digital Wallet platform, partnered with the Silicon Valley, San Francisco based technology giant Flutterwave to up lift the traditional and expensive money transfer with modern platform for free of charge.
Africa’s leading payments Technology Company Flutterwave partnership with one of the leading financial firm in Ethiopia has expanded its activity to 34 countries in the continent.
The partnership that was announced on Tuesday May 20 allows facilitation of money transfer into Ethiopia through Amole, to Amole Wallet, bank accounts and cash pickup locations at over 2,500 locations across the country.
Asfaw Alemu, President of Dashen Bank explained that the new partnership with Flutterwave will serve the Ethiopian economy by making diaspora remittances easier for over 8 Million members of the Ethiopian Diaspora that remit over USD 5 billion annually to Ethiopia.
The statement of Dashen Bank said that international money transfer operators (IMTOs) and businesses on Flutterwave as well as Barter by Flutterwave users can send money into Ethiopia via this partnership.
It added that the remittance service in Ethiopia today is seen by users to be expensive, with manual paperwork and delays making it challenging and time consuming for the diaspora community. This partnership solves these problems by providing instant delivery of funds to the receiver at no fee, with more control of where and how to send money, including transparency from a regulatory standpoint.
Asfaw said that the new service has core value for the country’s economy and enables to boost the legal transfer and cut unnecessary costs the receiver or sender spend on the traditional money transfer.
Yemiru Chanyalew, CEO Moneta Technologies, said that the service provided by Flutterwave application through Amole may take very few seconds and the diaspora shall transfer the money for their beloved one from anywhere just by using the apps without visiting parallel banks or money transfer agents.
“The opportunity we have created with Flutterwave is the consumer has 100 percent control,” he says, adding, “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. At Amole, we are increasingly focused on cashless and eCommerce payments. Our combined efforts in enabling seamless and interoperable remittance and eCommerce payments will drive much desired financial inclusion in Ethiopia,” he said.
Asfaw told Capital that the all the deal with Flutterwave before the launch has been scrutinized by National Bank of Ethiopia, which is the financial sector regulatory body. “Flutterwave is a well-known company on the business and so far they have facilitated USD 9 billion. It is also working with 290,000 business community or companies through their platform,” he added.
He said that the new scheme definitely would bring change on the money transfer and the forex generation for the country, “as a bank it saves the financial firm from other investments to compete with others since we avail such technologies that shall access the foreign currency from the source with providing modern technology.”
Flutterwave, which has key advantage on international payment processing in 150 countries and multiple modes including local and international cards, mobile wallets, bank transfer, and Barter by Flutterwave, has processed over 140 million transactions worth over USD 9 billion and it serves companies like Uber, Flywire, Booking.com and other prominent companies.