Flutterwave teams up with Amole to make remittances to Ethiopia easier
Flutterwave, a payments technology company, has partnered with Amole, Ethiopia’s largest mobile Digital Wallet network, to allow money transfers into Ethiopia through Amole, to Amole Wallet, bank accounts, and cash pickup locations at over 2,500 locations across the world.
Amole provides its customers with digital payment options as well as access to digital goods and services, allowing them to complete purchases at their leisure.
The collaboration will benefit Ethiopia’s economy by making diaspora remittances easier for over 8 million Ethiopians living abroad, who send over US$5B to Ethiopia per year.
Users consider Ethiopia’s remittance service to be costly, with manual paperwork and delays making it difficult and time consuming for Ethiopia’s diaspora community.
This collaboration addresses these issues by offering no-fee instant delivery of funds to recipients, as well as greater control over where and how money is sent, as well as regulatory transparency.
According to a study by the National Bank of Ethiopia, over 75% of Ethiopia’s population is unbanked, with Addis Ababa accounting for nearly 40% of all bank branches.
By facilitating remittances from diaspora Ethiopians, this partnership would broaden financial services to these underserved populations, thus expanding business opportunities for small and rising enterprises in these communities. As a result, users of the service will be able to collect cash from any of Amole’s 2,500 licensed agent locations, increasing financial inclusion in the region.
Source: Further Africa