On October 3, 2024, Coopbank announced a significant partnership with InFTF, a global leader in inclusive finance, to introduce Ethiopia’s first blockchain-powered remittance service. This innovative service aims to transform cross-border money transfers by offering a solution that is not only faster but also more secure and affordable.
This new remittance service allows members of the Ethiopian diaspora to transfer funds back home with remarkable speed, completing transactions in under three seconds. Additionally, it addresses the high fees typically associated with remittances, ensuring that families and businesses in Ethiopia receive more of the funds sent to them.
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During the launch event, Coopbank CEO Deribie Asfaw stated,
This partnership with InFTF represents a major step toward modernizing financial services in Ethiopia. Our goal is to provide the Ethiopian diaspora with faster, more affordable remittance solutions.”
This initiative aligns with Coopbank’s commitment to bridging financial gaps within the community through innovative and customer-centric approaches. The blockchain solution is designed to promote financial inclusion, particularly benefiting underserved communities in remote areas of Ethiopia. By empowering families, entrepreneurs, and small businesses, this service plays a crucial role in enhancing economic opportunities across the nation.
InFTF Management Board Member Harath Chari emphasized the advantages of this technology, noting,
“The technology we’re advancing enables incredibly fast transaction settlements at a fraction of traditional costs, building a sustainable digital financial ecosystem accessible to everyone, especially in underserved regions.”
Furthermore, Aman Semir, VP of Technologies and Digital Banking at Coopbank, highlighted that
This partnership leverages blockchain technology to deliver digital banking services with unmatched efficiency, enhancing the customer experience through secure and rapid remittance solutions.
This partnership marks a pivotal moment in Ethiopia’s financial landscape, as it seeks to modernize and adapt to the evolving needs of its economy.
