CBE Launches Digital Wallet Targeting Diaspora Finance, Foreign Exchange Flows

The Commercial Bank of Ethiopia (CBE) has rolled out “CBE Connect,” the country's first multicurrency digital wallet.

The platform, launched in partnership with domestic fintech firms, Star Pay Financial Solutions and EagleLion System Technology, is engineered to integrate the Ethiopian diaspora more directly while formalising foreign exchange inflows. CBE Connect is designed to allow users, particularly those abroad, to hold foreign currency accounts, convert them into Birr at market rates, and conduct instant transfers.

The platform is embedded within global payment ecosystems like Visa and Mastercard, positioning it as an alternative to informal remittance channels that continue to dominate cross-border money flows into Ethiopia.

The CBE touts the digital wallet as a wealth-generation tool for the diaspora. Beyond sending funds, users can remotely apply for and manage investments such as home and vehicle loans, bypassing the traditionally bureaucratic financial processes.

“This could substantially expand diaspora participation in the domestic credit and asset markets,” said Ephrem Mekuria, CBE vice president, speaking at the Hyatt Regency Hotel, on Africa Avenue (Bole Road) while launching the product today, January 20, 2026.

Ephrem framed the initiative as part of a broader modernisation strategy.

“Our Bank has been working to significantly expand access to finance and foreign exchange, in line with our ambition to become a world-class institution within a short period,” he said.

By encouraging digital onboarding and offering a regulated alternative to the parallel forex market, CBE Connect is aspiring to absorb fragmented remittance streams into the formal banking system. The platform hopes to support interbank connectivity, enabling real-time transfers across local financial institutions.

According to Bersufekad Getachew, CEO of EagleLion System Technology, the platform’s technical innovation, its agent-based framework and frictionless user experience is tailored to Ethiopia’s remittance challenges.

“CBE Connect was built to remove inefficiencies from money movement across borders,” he said.

The platform is designed to circumvent legacy constraints, such as transaction ceilings commonly imposed by card-based transfers, including the typical 10,000 dollars limit.

Bersufekad attributed regulatory complexity and infrastructural barriers in countries where diaspora communities reside to long stifled formal remittance flows. According to him, CBE Connect, by supporting direct bank-to-bank transactions, seeks to neutralize these barriers and “accelerate currency inflows through compliant, technology-driven means.”

Currently limited to U.S. dollar transactions, CBE executives plan to expand the Wallet’s currency portfolio over time. This phased approach reflects cautious regulatory alignment and market testing before wider rollout. The Wallet’s introduction also coincides with Ethiopia’s broader macroeconomic reforms, including efforts to stabilise foreign exchange reserves, contain the parallel market, and stimulate digital financial inclusion.

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