Abay Bank Joins WorldRemit

Abay Bank has become the latest private bank to join WorldRemit, a money transfer agent.

The new partnership further increases WorldRemit’s footprint in the country, which has previously partnered with Commercial Bank of Ethiopia, Dashen, Nib and Awash banks.

It plans to dip into the market that connects millions of Ethiopian diaspora in over 50 countries to friends and kin in Ethiopia. WorldRemit plans to serve 10 million customers in emerging markets by 2020.

In the past year, transactions to Ethiopia through WorldRemit grew by 160pc. Top remittance origins for Ethiopia through the money transfer agent were Australia, the United States, Canada and the United Kingdom.

Remittances play an important role in Ethiopia’s economy, with well over four billion dollars coming into the country, according to the National Bank of Ethiopia.