Ecobank has partnered with Ethiopia’s Dashen Bank to enable Ethiopians living in Europe to send money instantly using Ecobank’s Rapid Transfer International app.
This development was announced in a statement issued by BrandComms, a media relations agency, on Thursday.
The statement said Ethiopians in Europe could use the Ecobank RTI to send money instantly to any Dashen Bank account, other local bank accounts, mobile money wallet and cash pick.
It said the cross-border remittance solution app, which is available in Ecobank’s 33 countries of operation, enabled African diaspora residing in Europe to remit funds to Ecobank countries in Africa, including Ethiopia seamlessly.
The statement said the RTI app is secure, easy to onboard and navigate with user-friendly features such as multi-lingual options.
It said: “Users will know the transparent foreign exchange rate before making a transaction.”
It said users could choose to send funds directly to Dashen Bank accounts, wallet, cash-pick up and same-day delivery to other commercial bank accounts.
The statement quoted Dr. James Kanagwa, Ecobank Ethiopia Country Representative, as saying: “As the bank with the largest geographical footprint across Africa and a recognised leader in digital, mobile and borderless banking, we are delighted to partner with Dashen Bank.
“This partnership will empower Ethiopians living in the European-based diaspora countries with access to our RTl app, to send money back home affordably, instantly and securely.”
The statement quoted Asfaw Alemu, Chief Executive Officer, Dashen Bank, as saying: “Our partnership with Ecobank enables us to reach out to the Ethiopian diaspora in Europe.
“This will provide them with a new, reliable, low-cost and convenient way to send money to their families and relatives back home in Ethiopia through the RTI app.”
The statement said in 2017, it was estimated that the Ethiopian Diaspora comprised a significant population of at least two million individuals, primarily residing in Europe and North America.
It said according to Knomad, the global knowledge partnership on migration and development, remittance inflows into Ethiopia amounted to $436 million in 2021 and an estimated $327 million in 2022.
“This is a figure that the partnership between Ecobank and Dashen Bank seeks to tap into by rolling out the RTIl App,” he said.
The statement said users of RTI were able to send money back home at an average fee of 1.5 per cent of the funds being remitted.
It added: “This makes Ecobank and Dashen Bank partnership the best remittance solution for the African diaspora to send more money back home to support their loved ones, build capital and accelerate financial inclusion for inclusive prosperity.”