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Flutterwave partners with Amole in Ethiopia to facilitate instant money transfer

Flutterwave, Africa’s leading payment technology company, has partnered with Amole, Ethiopia’s largest mobile digital wallet platform, to enable 8 million Ethiopians in the diaspora (who pay more than 5 billions of dollars a year) to send money home instantly.

This was revealed by Flutterwave in a statement seen by Nairametrics.

He stated: “The new partnership with Flutterwave will serve the Ethiopian economy by facilitating diaspora remittances for over 8 million Ethiopian diaspora members who remit over $5 billion a year to Ethiopia.

“International Money Transfer Operators (IMTOs) and businesses on Flutterwave as well as Barter by Flutterwave users can send money to Ethiopia through this partnership.

“The remittance service in Ethiopia is now seen by users as expensive, with red tape and delays making it difficult and time-consuming for the diaspora community. This partnership solves these problems by providing instant delivery of funds to the recipient at no cost, with more control over where and how to send money, including transparency from a regulatory perspective.

Speaking on the partnership, Flutterwave Founder and CEO, Olugbenga ‘GB’ Agboolanoted, “We are delighted to partner with Amole to enable digital remittances and cash pickup in Ethiopia. This is another important milestone for payments in Africa as we work together to close the financial inclusion gap in the country and across the continent.

“Our collaboration will ensure Ethiopian businesses get paid from around the world, unlocking huge opportunities for business growth, a goal we are passionate about. This is just the beginning, and we hope to deepen the discussions around our partnership for the benefit of Africans everywhere.

Asfaw AlemuCEO of Dashen Bank, said: “We are pleased to partner with Flutterwave to provide crucial currencies that will support both our customers and Ethiopia. This partnership will play an important role in providing even more value to our diaspora community, connecting them to their country with more opportunities for global e-commerce in the near future.

Yemiru Chanyalew, CEO of Moneta Technologies, SC, said: “We are excited to work with Flutterwave and leverage our combined technologies to expand our offering to the Ethiopian diaspora community, our customers, and merchants to enable cross-border remittances and commerce. At Amole, we are increasingly focusing on cashless payments and e-commerce. Our combined efforts to enable transparent and interoperable remittance and e-commerce payments will drive much-desired financial inclusion in Ethiopia.

How it works

To make a payment through this new service, a sender outside of Ethiopia enters the details of the recipient in Ethiopia, the payment destination (Amole digital wallet, bank account or cash pickup location anywhere in Ethiopia) , as well as the security question and answer with which the recipient can access the funds if the preferred payment destination is through an authorized Amole agent.

What you should know

The National Bank of Ethiopia said more than 75% of Ethiopia’s population is unbanked, while nearly 40% of all bank branches are in the capital, Addis Ababa.

“This collaboration will extend financial services to these underserved communities, facilitating remittances from Ethiopians in the diaspora, thereby expanding business opportunities for growing small businesses in these communities. Going forward, this will boost financial inclusion in the country, as users of the service will have the option to withdraw cash from any of Amole’s 2,500 licensed agents.