Ethiopia's Dashen Bank and Ecobank have partnered to launch a new remittance app that allows Ethiopians living in Europe to send money instantly to their families and friends back home. As per the joint statement issued by the companies, the app, called Rapidtransfer International (RTI), is available in 33 countries and offers a low-cost, convenient and secure way to send money.

To use the app, users simply need to create an account, select the amount of money they want to send, and choose the recipient's bank account or mobile money wallet. The money is then transferred instantly, and the recipient can withdraw it immediately.

The partnership between Dashen Bank and Ecobank is a major boost for the Ethiopian diaspora, the statement declared, which is estimated to number at least two million people. Remittances are a vital source of income for many Ethiopian families, and the new app will make it easier and cheaper for them to send money home. The global knowledge partnership on migration and development, remittance inflows into Ethiopia amounted to 436 million dollars in 2021 and an estimated 327 million dollars in 2022.

The RTI app is available for download on iOS and Android devices.

Source: Fana BC