…Ecobank Allied with Ethiopia’s Dashen Bank to boost Ethiopians residing in Europe to Transmit Money directly to any Dashen Bank account using Ecobank’s RapidTransfer International app (RTI)

By Abdul Rahman Bangura-

Photo Credit: Togo First

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The cross-border remittance remedy app is usable in the rest of Ecobank’s 33 nations and facilitates the African diaspora residing in Europe to remit funds back to Ecobank nations 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 recognized digital, mobile, and banking system, 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, simple to onboard and drive with user friendly characteristics such as multi-lingual options. Users will know the transparent foreign exchange rate before bringing in a transaction and could select to send funds immediately 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 totaled that the Ethiopian Diaspora constituted a substantial community of at least two million people, largely living in Europe and North America. According to Knomad, the global knowledge partnership on migration and development, remittance inflows into Ethiopia amounted to $436 million in 2021 and a rated $327 million in 2022 – a figure that the partnership between Ecobank and Dashen Bank pursues to smudge into by rolling out the Rapidtransfer International App. Users of RTI are eligible to transmit money back home at an average fee of 1.5% 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 expedite financial inclusion for inclusive prosperity.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent