CBE introduced EthiodDirect Money transfer service for users from nine countries but plans service expansion
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EthioDirect – Ethiopia’s largest state-owned bank, Commercial Bank of Ethiopia, rolling out a new financial service focusing on members of the Ethiopian diaspora.
It launched the EthioDirect application for a money transfer service to Ethiopia.
Users can send anywhere between $5 and $1000 directly using CBE’s money transfer application.
The bank said as things stand now the service is available to residents in nine countries.
The service is available to those who would like to send money to Ethiopia from Canada, Israel, The United States of America, Italy, South Africa, Sweden, the United Arab Emirates, the United Kingdom and Saudi Arabia.
EthioDirect app is now available for download on App Store and Play Store.
The Bank has a service expansion plan for the rest of the world and seems to be intending to initiate a conversation with VISA international.
It is said that CBE partnered with Eagle-Lion System Technology Private Company in developing money transfer applications.
Abe Sano, CBE president, is cited as saying that the banking sector in the country is modernizing with technology to hasten development and prevent illicit forex services in the country.
He also said the application offers a reliable and efficient money transfer service to Ethiopia. The service is made available for free, according to the CBE presidents.
Many banks in North America are now offering free international money transfer services by shifting their focus on the money they make from currency conversions.
With over 1800 branches across Ethiopia, CBE of Ethiopia claims to have over 34 million customers.
Despite rhetoric about “homegrown economic growth strategy,” Prime Minister Abiy Ahmed is deepening neoliberal policies in the country along the privatization path.
His cabinet passed a decision a few months back to make the banking sector available to expatriate investors. In what appears to be a move to foster his policies, they recently removed the National Bank Governor, Yinager Dessie, and replaced him with Mamo Mihretu, a person who is said to have a law and public policy academic background and who worked for the World Bank.
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