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Commercial Bank of Ethiopia launches international mobile money transfer service

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Addis Ababa, January 15, 2019 (FBC) -The Commercial Bank of Ethiopia (CBE) has partnered with WorldRemit to launch its first ever international mobile money transfer service to Ethiopia.

The new service would enable Ethiopian Diaspora living in over 50 countries to make mobile money transfers to over 1.2 million birr CBE wallets as well as any mobile phone number in the country.

Customers can also transfer money quickly and securely to over 20 million CBE bank accounts and 1,300 new cash pickup locations.

CBE President, Bacha Gina said, “We are proud to be a pioneering bank in modernizing Ethiopia’s payment systems. The various e-payment facilities deployed have enabled us to become the number one provider of technology-based banking services.”

Head of East and Central Africa at WorldRemit, Sharon Kinyanjui, commented, “We are delighted to partner with CBE, the leading bank in Ethiopia, to launch our first mobile money service to the country and expand our network of bank accounts and cash pickup locations.

“Our new strategic partnership will extend financial services to the unbanked population in Ethiopia, allowing currently underserved groups, including rural communities and low-income households, to receive money directly to their mobile phones.”

CBE is the oldest and largest bank in Ethiopia, serving over 20 million account holders.

WorldRemit is a leading digital money transfer service that makes sending money as easy as sending an instant message. Transactions to Ethiopia via WorldRemit grew by over 130% in 2018, driven by the rapid expansion of its partner network.

The new international mobile money transfer service offered by CBE and WorldRemit offers the diaspora a low-cost and secure way to send money home directly to any mobile phone in Ethiopia.

Customers who are already registered with a CBE Birr mobile money account will receive their funds within one working day.

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