Ecobank, the leading pan-African banking group, has partnered with Ethiopia’s Dashen Bank to enable Ethiopians living in the diaspora, specifically in Europe, to send money instantly to any Dashen Bank account, other local bank accounts, mobile money wallets, and cash pick up locations using Ecobank’s Rapidtransfer International app (RTI).
This partnership was established through Ecobank’s representative office in Ethiopia. Using the cross-border remittance solution app, which is also available in the other 33 countries in which Ecobank operates.
Members of the African diaspora living in Europe are able to seamlessly send money back to Ecobank nations in Africa, including Ethiopia.
The Rapidtransfer International app is safe to use, simple to install and navigate, and packed with features that are helpful to users, such as options in multiple languages.
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Prior to executing a transaction, users will be aware of the transparent foreign exchange rate, and they will have the option to send funds directly to Dashen Bank accounts, wallets, cash-pickup locations, or same-day delivery to accounts held at other commercial banks.
It was projected in 2017 that the Ethiopian Diaspora was home to a sizeable population of at least two million people, the majority of whom lived in Europe and North America. According to Knomad, the global knowledge partnership on migration and development, remittance inflows into Ethiopia amounted to US$436 million in 2021 and an estimated US$327 million in 2022.
This is the figure that the partnership between Ecobank and Dashen Bank seeks to tap into by rolling out the Rapidtransfer International App.
Knomad’s findings can be found here. Because users of RTI are able to send money back home at an average fee of 1.5 percent of the funds being remitted, the partnership between Ecobank and Dashen Bank is 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. RTI users can send money back home at an average fee of 1.5 percent of the funds being remitted.
Remarks from some Executives
According to Dr James Kanagwa, Ecobank Ethiopia Country Representative, said: “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 to empower Ethiopians living in the European-based diaspora countries such as the United Kingdom, France, Italy, the Netherlands and 21 other European countries with access to our Rapidtransfer International app which enables Africans in Europe to send money back home affordably, instantly and securely.”
Asfaw Alemu, the Chief Executive Officer of Dashen Bank,said “Our partnership with Ecobank enables us to reach out to the Ethiopian diaspora in Europe to 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 Rapidtransfer International app.”
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About Ecobank Group (ETI)
Ecobank Group is the leading private pan-African bank. Its pan-African platform connects payments, cash management, trade, and investment across 35 sub-Saharan African nations, including France, the UK, UAE, and China. Over 14,000 employees provide Consumer, Commercial, Corporate, and Investment Banking products, services, and solutions to 32 million consumers across different channels, including digital.
About Dashen Bank
Dashen Bank is Ethiopia’s largest private bank, based in Addis Ababa. Dashen pioneers Ethiopian digital banking. Ethiopia’s young are using its Amole Omni-channel digital platform. DubeAle, the Bank’s Buy Now Pay Now (BNPL) scheme, was pioneered. Its micro-savings and microcredit programmes, offered in cooperation with Ethio Telecom, have helped over 2 million Ethiopians in a year. Dashen is a VISA, MasterCard, UnionPay, and AMEX exclusive partner in Ethiopia. It has 800 branches, 9 forex bureaus, 400 ATMs, and 1,300 POS terminals nationwide.