Ecobank, the pan-African banking Group, through its representative office in Ethiopia, has partnered with Ethiopia’s Dashen Bank to enable Ethiopians living in Kenya and in the diaspora, specifically Europe, to send money instantly to any Dashen Bank account, other local bank accounts, mobile money wallet and cash pick up using Ecobank’s Rapidtransfer International app (RTI). The cross-border remittance solution app which is available in the rest of Ecobank’s 33 countries, enables African diaspora residing in Europe to remit funds back to Ecobank countries in Africa, including Ethiopia seamlessly.
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.”
The Rapidtransfer International app is secure, easy to onboard and navigate with user-friendly features such as multi-lingual options. Users will know the transparent foreign exchange rate prior to making a transaction and can choose to send funds directly to Dashen Bank accounts, wallet, cash-pick up and same day delivery to other commercial bank accounts.
According to Asfaw Alemu, Chief Executive Officer of Dashen Bank, “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.”
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. 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 – a figure that the partnership between Ecobank and Dashen Bank seeks to tap into by rolling out the Rapidtransfer International App. Users of RTI are able to send money back home at an average fee of 1.5 per cent of the funds being remitted, making 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.