Enat Bank has partnered with leading digital money transfer service, WorldRemit for digital money transfers to Ethiopia.
Using the WorldRemit app or website, the Ethiopian diaspora living in over 50 countries, including the United States, Canada and the United Kingdom, can now send money home to any Enat Bank account and 41 new cash pickup locations in Addis Ababa and throughout the country in Oromia, Amhara, Tigray and the SNNPR regional states.
In Ethiopia the gender gap for financial inclusion is widening – the World Bank estimates that 41% of men in Ethiopia own a bank account compared to 29% of women. Enat Bank provides a range of inclusive financial services catering to all income groups, with a focus on women and women-owned businesses.
WorldRemit has been rapidly expanding in Ethiopia, adding twelve financial institutions to its partner network last year. The company is now connected to 31.5 million bank accounts and over 4,100 cash pickup locations throughout the country. Transactions to Ethiopia via WorldRemit from the USA alone grew by over 230% in 2018.
Remittances play an important role in Ethiopia’s economy. According to the National Bank of Ethiopia, the country received over $5 billion in remittances for the fiscal year 2017/ 2018.
Ato Wondwossen Teshome, President at Enat Bank, said: “Enat Bank currently works with several well-known and trusted money transfer agents. The agreement with WorldRemit will create an opportunity for our customers to receive money from over 50 countries in a quick, and convenient manner.”
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “We are delighted to partner with Enat Bank, which shares our commitment to making financial services accessible to underserved groups, including women and rural communities in Ethiopia.
“The partnership further increases our footprint across the country, enabling the Ethiopian diaspora to send money home directly from their phones to all Enat Bank accounts and several new cash pickup locations.”
WorldRemit customers complete over 1.3 million transfers every month from over 50 countries to over 145 destinations. 90% of all WorldRemit transactions are authorized in less than 10 minutes.