Fintech firm, Flutterwave, has entered into a partnership with Ethiopia’s largest mobile Digital Wallet platform, Amole, to aid remittances into Ethiopia.
This was disclosed in a statement by the Flutterwave last week Thursday, noting that the partnership would enable Ethiopia’s 8 million diasporic community to send money through Amole.
The funds would be sent into Amole Wallet, bank accounts, and cash pickup location scattered across 2,500 locations.
Amole is a mobile money app of Ethiopia’s largest private bank – Dashen Bank, offering a digital payment framework for the convenience of Ethiopians.
The partnerships would accommodate International Money Transfer Operators (IMTOs) and Flutterwave’s products such as Barter by Flutterwave, assisting the 8 million Ethiopian diasporans to remit over $5 billion to Ethiopia annually.
What the Flutterwave and Amole Partnership Means
The partnership between the two firms would reduce the challenge of high remittance fees as noted by users.
Flutterwave and Amole partnership would address the issues of high expense and the attendant stress of manual paperwork that makes the process of remittance time-consuming.
Other benefits include instant deliveries for free “with more control of where and how to send money” according to the statement – while providing transparency as stipulated by regulatory authorities.
Ethiopia has a high population of unbanked citizens at 75 percent, with 40 percent of all bank branches in the country located in its capital, Addis Ababa, as reported by the National Bank of Ethiopia (NVE).
The statement by Flutterwave noted that the partnership would create opportunities for “small and growing businesses” in communities that are underserved, through the facilitation of diaspora remittances.
The Founder and Chief Executive Officer (CEO), Flutterwave, Olugbenga Agboola, said, “We are delighted to be collaborating with Amole to enable digital remittances and cash pickup into Ethiopia.
“This is another significant milestone for payments in Africa as we work together to bridge the financial inclusion gap in the country and across the continent.
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“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.”
Speaking on the value of the partnership, the CEO of Dashen Bank, Asfaw Alemu, said, “We are happy to partner with Flutterwave in delivering crucial forex that will support both our customers and Ethiopia.
“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.”
How the Service Works
Diasporans would need to provide details such as that of the recipient based in Ethiopia, the payment destination, security question and answer that would aid the recipient access the sent money.
