Wegagen Bank and Worldremit have partnered to provide a digital money transfer service in Ethiopia. The partnership will allow three million Ethiopian diaspora living abroad in over 50 countries to send money to Ethiopia to over 1.2 million Wegagen bank account holders at any of the 338 Wegagen branches. “The new partnership will further expend WorldRemit’s reach in Ethiopia,” said Sharon Karuga, regional director of East & Central Africa at WorldRemit. Worldremit has previously partnered with six banks including Commercial Bank of Ethiopia. Ethiopia receives billions of dollars in remittance every year. Most of this comes from the Middle East and North America. However, studies suggest that a significant portion of remittance to the country still flows through informal channels. Wegagen earned over a billion Birr in gross profits in the past fiscal year.
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