Ecobank, the leading pan-African banking Group, has joined forces with Dashen Bank in Ethiopia through its representative office to facilitate instant money transfers for Ethiopians residing in Kenya and the diaspora, particularly in Europe.
This partnership leverages Ecobank’s Rapidtransfer International app (RTI) to Ethio telecom mobile money
The app, available in all of Ecobank’s 33 countries, empowers the African diaspora in Europe to remit funds back to Ecobank countries in Africa, including Ethiopia.
Ecobank Ethiopia Country Representative, Dr James Kanagwa expressed excitement about the collaboration, highlighting Ecobank’s extensive African presence and expertise in digital and borderless banking.
“The partnership with Dashen Bank aims to provide Ethiopians in European-based diaspora countries such as the United Kingdom, France, Italy, the Netherlands and 21 others with affordable, instant, and secure options for sending money back home using the Rapidtransfer International app,” noted Dr Kanangwa.
The RTI app ensures security, ease of use, and user-friendly features, including multilingual options.
Users can view transparent foreign exchange rates before initiating a transaction and choose to transfer funds directly to Dashen Bank accounts, wallets, cash pick-up locations, or other commercial bank accounts for same-day delivery.
According to the Chief Executive Officer (CEO) of Dashen Bank, Asfaw Alemu, the partnership with Ecobank enables them to reach out to the Ethiopian diaspora in Europe, offering a reliable, low-cost, and convenient method for sending money to their families and relatives in Ethiopia through the Rapidtransfer International app.
In 2017, the Ethiopian diaspora was estimated to comprise a significant population of at least two million individuals, primarily residing in Europe and North America.
Remittance inflows into Ethiopia reached approximately US$436 million in 2021 and an estimated US$327 million in 2022, according to Knomad.
The collaboration between Ecobank and Dashen Bank aims to tap into these figures by introducing the Rapidtransfer International App.
Users of RTI can send money back home with an average fee of 1.5% of the remitted funds, making the Ecobank and Dashen Bank partnership an attractive remittance solution for the African diaspora, facilitating greater financial support for their loved ones, capital building, and driving inclusive prosperity through enhanced financial inclusion.
Currently, Ethiopia has two mobile money transfer services, Ethio telecom mobile money and Safaricom Ethiopia M-Pesa.