Ecobank has teamed up with Ethiopia’s Dashen Bank to allow Ethiopians living in Europe to send money rapidly via Ecobank’s Rapidtransfer International app (RTI).
This is according to a statement made on Thursday, 8th June 2023 by the BrandComms firm. According to the release, Ethiopians in Europe might use the Ecobank RTI to instantly move money to any Dashen Bank account, other local bank accounts, mobile money wallet, or cash pick.
It stated that the cross-border remittance solution app, which was available in Ecobank’s 33 countries of operation, allowed African diaspora in Europe to seamlessly transmit monies to Ecobank countries in Africa, including Ethiopia.
According to the statement, the RTI app is secure, simple to use, and has user-friendly features such as language options.
“Users will know the transparent foreign exchange rate before making a transaction.”
Users could transmit funds immediately to Dashen Bank accounts, wallets, cash pick-up, and same-day delivery to other commercial bank accounts, according to the company.
Dr. James Kanagwa, Ecobank Ethiopia Country Representative, was quoted in the announcement as saying:
“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.
“This partnership will empower Ethiopians living in the European-based diaspora countries with access to our RTl app, to send money back home affordably, instantly and securely,” he said.
The statement quoted Asfaw Alemu, Chief Executive Officer, Dashen Bank as saying ”our partnership with Ecobank enables us to reach out to the Ethiopian diaspora in Europe.
“This will 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 RTI app.”
According to the statement, the Ethiopian Diaspora had a considerable population of at least two million people in 2017, predominantly in Europe and North America.
According to Knomad, the global knowledge collaboration on migration and development, remittance inflows into Ethiopia totaled $436 million in 2021 and are expected to reach $327 million in 2022.
“This is a figure that the partnership between Ecobank and Dashen Bank seeks to tap into by rolling out the RTIl App,” he said.
The statement said users of RTI were able to send money back home at an average fee of 1.5 per cent of the funds being remitted.
“This makes 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.”