Flutterwave of Nigeria collaborates with Amole to promote seamless remittance and financial inclusion in Ethiopia
Flutterwave of Nigeria collaborates with Amole to promote seamless remittance and financial inclusion in Ethiopia
Flutterwave, a Nigerian fintech company, has partnered with Amole, Ethiopia's largest mobile digital wallet platform, to facilitate remittances to the country.
The partnership enables the diaspora's over 8 million Ethiopians to send money instantly to Amole wallets, bank accounts, and cash pickup locations in excess of 2,500 locations.
Flutterwave CEO Olugbenga Agboola stated that the partnership is a significant milestone for payments in Africa. He added that the company is delighted to collaborate with the Ethiopian government to close the country's financial inclusion gap.
Similarly, Yemiru Chanyalew, CEO of Moneta Technologies, expressed satisfaction with the collaboration. He added that the companies' combined efforts will enable frictionless and interoperable remittance and eCommerce payments.
Leveraging on technology to boost remittance
In Ethiopia, remittance services can be prohibitively expensive, with manual paperwork and delays complicating and delaying the process for the diaspora community.
Additionally, many Ethiopians remain unbanked. According to a report by Ethiopia's National Bank, over 75% of the country's population remains unbanked, while nearly 40% of all bank branches are concentrated in the capital city of Addis Ababa.
Amole leverages technology to provide digital payment capabilities to its customers. Users can complete critical transactions at their convenience through access to its digital products and services.
Flutterwave, on the other hand, is a Money Transfer Operator (IMTOs). It has thousands of businesses on both its original platform and Barter by Flutterwave, which allows users to send money to Ethiopia.
The new partnerships contribute to the resolution of both issues. Flutterwave will benefit the Ethiopian economy by simplifying diaspora remittances for the millions of Ethiopians living abroad.
Amole, for its part, will leverage its network to bring financial services to these underserved communities, thereby expanding financial opportunities for these communities' small and growing businesses.
Together, the two companies would resolve these issues by providing free instant funds transfer to the receiver. Additionally, users will have increased control over where and how they send money, as well as increased regulatory transparency.
Both the CEOs of Flutterwave and Amole's parent company believe that this partnership will help increase the country's financial inclusion.
How to use the new service
To use the new service created by this collaboration, senders outside Ethiopia must enter the recipient's name and address in Ethiopia, as well as the payment destination. It could be an Amole digital wallet, a bank account, or a cash pickup location located throughout Ethiopia.
If the preferred payment destination is via an Amole authorized agent, a security question and answer must be added to enable the receiver to access the funds.
In conclusion, millions of Ethiopians living abroad and Africans conducting business with Ethiopians now have a more convenient and secure method of payment.
Similarly, businesses on Flutterwave, as well as Barter by Flutterwave users, can use this partnership to send money seamlessly to Ethiopia.
Agboola stated that this is only the beginning of Flutterwave's African partnership drive. He adds that the company hopes to deepen discussions surrounding its partnership for the benefit of all Africans.
The company was recently announced as a sponsor of the Basketball Africa League (BAL).
