CBE Ushers Digital Remittance Payment System


CBE Ushers Digital Remittance Payment System

International card users qualify to transfer up to 1,000 dollars void of service charge as Commercial Bank of Ethiopia (CBE) launches a digital remittance payment system. According to Abe Sano, president of CBE, the application aims to expand the Bank's remittance medium availing the service in nine countries. He attributed the low remittance flow to the service charges imposed by service providers and the use of the black market as a prime channel while sending remittances. The state-owned Commercial Bank of Ethiopia (CBE) has disclosed a second-quarter gross profit of 13 billion Br, showing a 13.9pc increase from the same period last year. Its forex earnings from remittance jumped in the second quarter by 37.4pc to 1.7 billion dollars, while it made 3.9 billion dollars in payments for fertiliser, pharmaceuticals, and fuel imports. Tewodros Shiferaw, CEO of CashGo said the application developed by local experts will help increase remittance flow and curb foreign currency shortage with a convenient, secure and reliable means of cash transfer.


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